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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).
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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.
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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