Clifford Chance Reports Strong Financial Performance

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Revenue and Profit Growth

Clifford Chance announced a 10% increase in partnership profit, reaching 856 million pounds ($1.11 billion), and a profit per equity partner of 2.04 million pounds ($2.63 million) for the financial year ending April 30. The firm’s overall revenue rose by 9% to 2.3 billion pounds ($2.97 billion).

Expansion in the U.S. Market

The U.S. market played a crucial role in Clifford Chance’s growth, with a 28% increase in revenue. The firm’s focus on litigation, energy transition, infrastructure investment, technology, and private capital work has driven its success in this region.

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Strategic Developments

In June 2023, Clifford Chance opened a new office in Houston to enhance its global energy and infrastructure capabilities. This expansion included hiring key talent from rival U.S. law firms, strengthening its market position.

Growing U.S. Presence

Clifford Chance added 19 U.S. partners in the last financial year, bringing the total to 115. The firm’s New York, Washington, D.C., and Houston offices now house over 400 lawyers. Globally, the firm employs 3,760 lawyers and other fee earners.

Financial Performance of Other UK Law Firms

Linklaters

Rival firm Linklaters reported a 24% increase in U.S. market revenues, with a total income of 2.1 billion pounds ($2.69 billion) and a profit before tax of 942 million pounds ($1.21 billion).

Kennedys

Kennedys saw a 22% uptick in revenue in North America, marking the highest growth in its regions.

Ashurst

Ashurst experienced an 18% increase in U.S. revenues, noting this as its highest regional growth.

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Clyde & Co

Clyde & Co reported that North America now accounts for 21.5% of its revenue, with a 5% growth in this region.

A&O Shearman

The newly merged firm A&O Shearman, resulting from the merger of Allen & Overy and Shearman & Sterling, reported a profit before tax of 1 billion pounds ($1.29 billion) and client revenue of 2.2 billion pounds ($2.85 billion), though regional breakdowns were not provided.

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