Clifford Chance reports record growth in global revenue and profits

Clifford Chance has announced record financial results for the fiscal year ending April 30, 2024 (May 2023/April 2024). The law firm has achieved the highest revenue growth rate since 2017 and double-digit growth in partnership profit. The teams handling litigation, dispute resolution, and regulatory investigations globally saw a 20% revenue growth and now represent over 20% of the firm’s total global revenue. 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 in sophisticated and multi-jurisdictional M&A and financing transactions has also led to significant growth for 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).

Positive trend

Clifford Chance advised on 224 M&A transactions in 2023, valued at $208 billion, with a positive trend continuing into the second half of the 2024 fiscal year. In the Chambers Global 2024 rankings, the firm has maintained 33 top positions in areas such as Corporate M&A, Private Equity, Investment Funds, Antitrust, and International and Cross-Border Transactions. Tax and Employment Law are also among the strongly growing areas. Finally, the decisive recovery of the Real Estate practice led to a 15% revenue increase compared to the previous year.

For Charles Adams, the firm’s global managing partner, “all practice areas have shown strong growth, particularly Litigation, which once again delivered an outstanding performance. Additionally, the breadth of our transactional capabilities, combined with deep sector expertise, has driven 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 U.S. revenue

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 has further consolidated its leadership position in its traditional markets in Europe, including the United Kingdom, and the Middle East, showing strong growth, and has achieved good results throughout the APAC region, despite reduced market activity in some parts of the region.

In the 2024 fiscal 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. With 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 of last year to expand the global Energy & Infrastructure practice, the number of partners has doubled to 14, with 41 lawyers working for clients on various high-profile areas in the strategic sectors of Energy & Infrastructure, environmental transactions and regulation, taxation, private capital, and technology.

Continuous investments in top talent

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

The firm continues to make progress toward achieving its global inclusion goals. 20% of the new partners promoted in the UK and the US identified as belonging to underrepresented ethnic minorities. 38% of the newly promoted partners are female. The firm is committed to achieving 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 suite of private and secure Artificial Intelligence tools, enabling the digital enhancement of its 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 operations hub in Warsaw, which complements existing hubs in India and Newcastle.