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Clifford Chance records second-highest ever revenues

Asia-Pacific region recorded the highest growth in local currency contributions

8 July 2015

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Global law firm Clifford Chance has reported revenues of £1.35 billion for the year ended 30 April 2015, representing underlying growth of three per cent.

Taking exchange rates into account, revenues were virtually flat in sterling, according to the preliminary results.

However, they still constituted the firm's second-highest ever revenues, with all regions experiencing underlying growth in local currency terms.

The Asia-Pacific region recorded the highest growth in local currency contributions, at seven per cent. It added £205m to the firm's FY14-15 revenues, or 15 per cent of total revenues.

The second highest-growing region was the Middle East, up six per cent in local currency terms. It contributed £43m or three per cent of total firm revenues.

The highest source of revenues came from the UK, at £477m or 35 per cent of firm revenues, up two per cent year on year.

Close behind was Continental Europe, providing with £469m revenues, up one per cent in local currency terms but down seven per cent in sterling, making up 35 per cent of total firm revenues.

Partnership profits were down two per cent year-on-year to £450m, with profits per equity partner correspondingly down two per cent to £1.2m.

Clifford Chance introduced a new vision, which is: "We will be the global law firm of choice for the world's leading businesses of today and tomorrow".

It also introduced changes to its governance and management, streamlined structures and aligned the firm's leadership and partner remuneration with its strategic vision.

In addition, it significantly reduced its future property costs by changing its office space in Paris and subletting a substantial proportion of its London floor space.

 

 

 

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