Clifford Chance shrugs off downturn in legal sector

Clifford Chance said its revenue increased 11% to £1.33 billion in the 2007/08 fiscal year, and as a result, has kept its position as the world’s largest law firm.

Profit also soared, with equity partners earning an average of £1.15 million, a rise of 13% compared with last year.

David Childs, managing partner, said a slump in high-value transactional work in Europe and the US after a record-breaking first half was offset by rapid growth in Asia, the Middle East and Eastern Europe, where the firm has invested heavily in recent years.

He added that the rise of so-called emerging markets would continue to insulate the firm if conditions worsen in London and added that the new financial year is going to be more challenging.

Results are still expected from the company’s rivals who include Allen & Overy, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May. However, it is anticipated that the results will be equally as impressive.

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