Clifford Chance reports unprecedented global revenue and profit growth

Clifford Chance announces record financial results for the fiscal year ended April 30, 2024 (May 2023/April 2024). The firm has recorded its highest revenue growth rate since 2017 and double-digit growth in partnership profit.

The global teams handling litigation, dispute resolution, and regulatory investigations recorded a 20% increase in revenue and now represent over 20% of the firm’s total global turnover. This growth was driven by increased demand for assistance in resolving complex and high-risk disputes, investigations, and government enforcement actions across multiple jurisdictions and sectors.

The increased demand for legal advice on sophisticated and multi-jurisdictional M&A and financing transactions has also led to significant growth in the Corporate M&A and Global Financial Markets areas. Both practices have benefited from ongoing investments to further expand the firm’s global expertise in these areas, both in the United States and Europe (including London).

Clifford Chance advised on 224 M&A transactions during 2023, valued at $208 billion, with a positive trend continuing into the second half of the 2024 financial year. In the Chambers Global 2024 rankings, the firm maintained 33 top positions in areas including Corporate M&A, Private Equity, Investment Funds, Antitrust, and International and Cross-border Transactions.

Tax and employment law are also among the areas of strong growth. Finally, the decisive recovery of the Real Estate practice led to a 15% increase in revenue compared to the previous year.

According to Charles Adams (pictured), the firm’s global managing partner, “All areas of activity have seen strong growth, with particular reference to the Litigation practice, which once again recorded exceptional performance. Moreover, the breadth of our transactional capabilities, combined with deep industry expertise, has led to strong client demand in areas related to energy transition and infrastructure investments, technology – including Artificial Intelligence – and private capital.”

Global growth with a 28% increase in revenue in the United States

Clifford Chance has made significant progress in expanding its expertise in the United States, with ongoing investments leading to a 28% increase in revenue. The firm further consolidated its leadership position in its historical markets of Europe, including the United Kingdom, and the Middle East, recording strong growth, and achieved good results across the APAC area, despite reduced market activity in some parts of the region.

In the 2024 financial year, a total of 19 partners, predominantly from leading U.S. firms, joined Clifford Chance in New York, Houston, and Washington DC, strengthening the firm’s broad offering in complex M&A transactions, Antitrust, Restructuring & Insolvency, Leveraged Finance, Tax, and Real Estate. As a result of this investment, the total number of partners in the United States rises to 115.

Following the opening of the Houston office, with the arrival of 7 lateral partners in June last year to expand the global Energy & Infrastructure practice, the number of partners has doubled to 14, with 41 lawyers working for clients across various high-profile areas in the strategic sectors of Energy & Infrastructure, environmental transactions and regulation, taxation, private capital, and technology.

Continued investment in top talent

Investing in and cultivating top talent remains at the core of Clifford Chance’s growth strategy: 29 lawyers were promoted to the global partnership effective May 1, 2024, along with 29 new partners who joined the firm globally during the FY ’24.

The firm continues to progress towards achieving its global inclusion goals. 20% of newly promoted partners in the UK and US identified as belonging to underrepresented ethnic minorities. 38% of newly promoted partners are female. The firm is committed to reaching the goal of 40% female partners by 2030, led by the Executive Leadership Group, which is now 46% female.

Investments in technology and global operations

Clifford Chance was one of the first global organizations to implement a fully integrated package of private and protected Artificial Intelligence tools, enabling digital empowerment of its entire workforce of approximately 7,000 people. The firm has also made targeted investments to improve client service delivery and efficiency, including the launch of a new operational hub in Warsaw, complementing existing hubs in India and Newcastle.

benedetta.miarelli@lcpublishinggroup.com

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