All firms have been hit by currency swings and a weak euro helped push down income at Clifford Chance, which saw a small slide in income over the last year. Excluding Slaughter and May (which does not publish financial results), the order of the Magic Circle in terms of revenue is: Clifford Chance, Allen & Overy, Linklaters and then Freshfields.
Falling behind on pay
By profits per equity partner, Linklaters comes first, followed by Freshfields, then Allen & Overy and finally Clifford Chance. One of the main challenges facing these UK-based firms is pay competition from US firms in London, which are offering up to 44 per cent more to newly-qualifieds than the best-payers amongst them. Allen & Overy is expected to announce changes to its pay structure within a few weeks. Source: Financial Times
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