The highest earning partner at Clifford Chance saw a decrease in earnings by £100,000 this year, according to the U.K. LLP accounts for the 2022-23 financial year. This decline of 2.5% comes after a 35% surge in earnings to nearly £5 million in the previous year (Link).
During the same period, the company increased the number of personnel across all levels. This included an additional 30 partners, bringing the total number to 593 by the end of 2023. The average monthly number of partners increased similarly, from 457 in 2022 to 480 in 2023. The number of associates, fee-earners, trainees, and administrative and support staff also rose.
This growth in staff numbers resulted in a significant hike in staff and related costs. A £95 million increase saw the costs rise to £964 million in the 2022-23 financial year. This increase in staff numbers and related cost is indicative of the firm’s grappling with its pension liability as deduced from the latest LLP accounts.
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