London-based magic circle firm Clifford Chance announced 7 per cent increases in both revenue and profit per equity partner (PEP) for the 2011/12 financial year, as the global giant weighed into the financial reporting season for the large English firms.

According to Legal Week newspaper, there was also a 13 per cent increase in profits to £431m. Revenues for the firm reached £1.3bn, a 7 per cent increase as opposed to the 2 per cent rise of the previous year.

Asia-Pacific success

Managing Partner David Childs said the firm was ‘pleased with our strong performance’, adding that ‘all regions experienced growth’. Particularly successful were the Asia-Pacific markets, where revenues rose by 28 per cent to £185m.  Markets from China, Singapore and Australia now comprise 14 per cent of the firm’s total business.
Despite continuing problems within the eurozone, revenues across Europe increased 5 per cent, and were particularly successful in Luxembourg, France, Germany, Spain and Moscow. The London office also experienced a marginal increase of 3 per cent.

A&O up as well

According to London-based weekly, the Law Gazette, Clifford Chance now has 34 offices in 24 countries, employing around 3,400 legal advisers in total.
The announcement followed a financial statement from magic circle rival Allen & Overy, which announced a 6 per cent increase in revenue, and static PEP rates over 2011/12.