The firm reported its highest rate of revenue increase since 2017
International law firm Clifford Chance has announced that it has achieved the highest rate of revenue increase since 2017 and double-digit partnership profit growth.
The firm's global revenue rose by 9 percent to £2.3 billion, while partnership profit surged by 10 percent to £856 million, resulting in a profit per equity partner (PEP) of £2.04 million.
Global managing partner Charles Adams highlighted the significance of these achievements, "In another year of very strong performance, our record profits have enabled us to make substantial investments in our global team and operations. These strategic investments already benefit our clients and our firm and position us for long-term success."
The firm's global reach and diverse practice areas have contributed significantly to this success. Clifford Chance's litigation and dispute resolution teams experienced a 20 percent revenue growth, constituting over 20 percent of the firm's total income. This increase is attributed to the heightened demand for expertise in resolving complex disputes, investigations, and government enforcement actions across multiple jurisdictions and sectors.
The firm's corporate and global financial markets teams also saw robust growth, driven by increased demand for multi-jurisdictional, complex mergers and acquisitions and financing transaction advice. Clifford Chance advised on 224 deals in 2023, valued at US$208 billion.
According to Clifford Chance, its strategic investments in the US market have paid off, with a 28 percent increase in US revenue. The firm has continued strengthening its presence in key markets, including New York, Houston, and Washington DC, through strategic hires and expanding core capabilities. The Houston office opened in June last year and has doubled its partner headcount to 14, focusing on energy, infrastructure, environmental transactions, regulatory, tax, private capital, and technology.
Charles Adams emphasized the firm's progress, "We are making great progress everywhere but fastest in the US. Our new Houston office is thriving, and we have continued to make strategic hires in the US to strengthen our global capabilities further. We are strongly positioned to continue profitable expansion in the US where it makes most sense for our clients and our firm."
