Clifford Chance reported a record-breaking revenue of £2.3 billion ($2.97 billion) for the last fiscal year, reflecting an annual growth rate of 9%. The firm also saw profits per equity partner increase slightly to £2.04 million. This notable growth marks the ninth consecutive year of revenue increases for the UK-founded firm and underscores its expanding footprint in the US legal market, where revenue surged by 28%. More details are available on the original report from Bloomberg Law.
Global Managing Partner Charles Adams highlighted that while the firm is not aiming to become a US-exclusive entity, it has made strategic expansions, including the opening of a new office in Houston in June 2023. Recent key hires in the US include Jason Ewart from Latham & Watkins, Kris Ferranti from Shearman & Sterling, and Marcia Hook from Kirkland & Ellis.
Magic Circle peers Linklaters and Allen & Overy also posted strong US performances. Allen & Overy’s gross revenue reached £2.2 billion ahead of its merger with Shearman & Sterling, and Linklaters surpassed the £2 billion mark for the first time. Ashurst LLP is similarly poised to break the £1 billion threshold this year after reporting gains in the US.