Finance

Clifford Chance partner profit hits record £1.8m

Clifford Chance partners are set for their highest-ever pay day after the firm delivered a record final quarter to make up for a Covid-affected period earlier in the year.

The firm boosted profit per equity partner to £1.85m in the year to 30 April, up 9% on the previous year.

Revenue grew 1% to just under £1.83bn. Partnership profit increased 8% to £716m. Clifford Chance’s revenue, partnership profit and Pep are all at record highs, a spokesperson said.

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The firm said the first few months of the year were “significantly affected by Covid-related uncertainty” with demand growing throughout the year culminating in a record final quarter.

“Despite many challenges, this has been a year of progress: we have maintained our momentum in advancing our strategic priorities and in investing for the firm’s longer-term future in line with our vision,” the firm’s managing partner Matthew Layton said.

“We ended FY21 with high levels of transactional and advisory activity and we expect that considerable momentum to continue this year,” he added.

Clifford Chance promoted 11 partners in London this year out of a total partnership round of 29.

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Magic Circle rival Allen & Overy posted a revenue increase of 5% to £1.77bn and a Pep increase of 17% to £1.9m for the year to 30 April.

To contact the author of this story with feedback or news, email James Booth

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