Profits Plummet at Clifford Chance

Magic Circle law firm Clifford Chance saw average profits per equity partner drop 37% to £733,000 ($1.2 million) in the last fiscal year.

Revenue fell 5% to £1.26 billion, which means Clifford Chance is no longer the world’s largest law firm by revenue.

The firm recently saw a mass defection of New York litigation partners and associates to Gibson Dunn. The firm cut 24 associates in New York in March, and 20 more positions in April.

Also in March, Clifford Chance announced a redundancy consultation targeting 115 support staff in London.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

• Fates to Be Decided for Clifford Chance Litigation Associates
• Clifford Chance Partners Defect to Start New Italian Firm
• Axe Falling for Clifford Chance Partners
• Morning Roundup
• Clifford Chance Leads Rough Year for U.K. Firms

Posted by Erik Even on July 1, 2009. Filed under Home,Law Firm News,Legal News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry