Historic rivals Clifford Chance and Allen & Overy became the first of the Magic Circle firms to publish their results for the fiscal year ended April 30, with both announcing solid topline growth within a few hours of each other Tuesday.
Clifford Chance saw its revenue climb 7 percent to £1.303 billion ($2.1 billion) last year, equating to an impressive 13 percent gain in net profit, to £431 million ($697 million). The firm’s profit margin inched up two percentage points to 33 percent, while average profit per equity partner (PPP) stood at £1.1 million ($1.8 million), an increase of 7 percent over the previous 12-month period.
