Clifford Chance saw revenues of £1.54 million, representing growth of 11 per cent with partnership profit was £554 million, 12 per cent higher than the previous financial year, and a 23 per cent improvement over the two year period. Profit per equity partner was £1.375 million, 12 per cent higher than the previous financial year, and a 23 per cent improvement over the two year period. On a like for like basis, excluding the impact of exchange rates and one-off items, revenues increased by two per cent and partnership profit by 8.5 per cent.
Herbert Smith Freehills
Meanwhile, Herbert Smith Freehills (HSF) saw a 10.6 per cent rise in revenue bringing the firm's turnover to £920.5 million, up from £832.2 million, but experienced a 2.5 per cent drop in profit per equity partner (PEP) from £779,000 to £760,000 for 2016-17. The firm’s Germany performed particularly well boosting its revenues by 70 per cent with offices in Madrid, Paris and Moscow all experiencing double-digit revenue growth with the alternative legal services business achieving a seven per cent increase year on year.
Key growth for the year
During the financial year HSF wooed the Paris litigation team from Hogan Lovells and it opened an office Kuala Lumpur. Later this year it is also to open its eighth global ALT center in Johannesburg. Today HFS has a total of 337 equity partners – up five from last year – of a total partnership of 478.
Progress
Commenting on Clifford Chance's results, Matthew Layton, Clifford Chance's managing partner said: 'Our significant progress over the past two years underlines the momentum behind our client-driven strategy. These results are underpinned by our increasingly successful drive to focus our resources and investment where they deliver the greatest value and best outcomes to our clients. We operate in a fiercely competitive market that is undergoing change on an unprecedented level. And the same is true for many of our clients.'
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