Status threat for City legal giant

Clifford Chance, the London &ldquo;magic circle&rdquo; legal giant, is at risk of losing its standing as the world&rsquo;s largest law firm, after it said revenues may have dived below levels seen at US peers.<br /><br />Managing partner David Childs suggested at a legal conference yesterday revenues at the firm tumbled by five per cent in the year to end April.