Law firm Clifford Chance announces its sixth consecutive year of profit and revenue growth despite the pandemic.
For the year ended 30 April Clifford Chance saw its revenue rise to £1.8bn, though by a marginal rate of one per cent compared to the previous financial year. Its profit per equity partner increased by nine per cent to £1.85m and partnership profit also rose by eight per cent to £716m.
Although its revenues rose only slightly, in relative terms, Clifford Chance reported that activity was at an all-time high in many of its practices and offices globally, in the final quarter of its financial year – resulting in the strongest global revenue and profit performance the company has had, to date.
The law firm ended its financial year with £370m in cash and no net borrowings, a feat it attributed to “prudent cost management and increased emphasis on financial and commercial discipline”.
Since 2015 when Clifford Chance introduced its strategy, the firm’s revenues have increased by 35 per cent, its partnership profits by almost 60 per cent.
The international law firm said its refinancing, restructuring and insolvency services experienced “significant” peaks in activity, as well as its corporate advisory, M&A, and antitrust teams.
Global managing partner Matthew Layton summed up the results as “a year of progress”. He added: “We have also begun important work to map out how we will operate in the new world as communities and economies start to emerge from the shadow of the pandemic.”
Clifford Chance said they expected the momentum to continue this year too as courts and regulators return to near normal operations. The firm said it expects to see greater demand from clients for litigation and other dispute resolution services as businesses face the wider impacts of the pandemic.