Clifford Chance, a leading global law firm, has announced the firm’s financial results for the 2023 financial year, and they exceed £2 billion, up 5% on the previous year, and a profit per partner of £2 million. The financial summary for the year ended April 30 and is the eighth consecutive year of revenue growth.
Charles Adams, Global Managing Partner of Clifford Chance, comments: “Our team has once again delivered solid results in an environment of significant geopolitical and economic headwinds. These results reflect the strength and resilience of the firm’s global capabilities and diversified client base. We continue to meet our clients’ most critical needs as they navigate increasingly complex regulatory and business environments.”
“Despite a year of low M&A activity across the industry, our transaction teams maintained positive momentum, driven in part by an active technology sector and private equity fundraising. Demand for our global advisory expertise was strong. We experienced significant growth in our global litigation and dispute resolution practice, as well as in our regulatory investigations business. Our strong global results are testament to the dedication and expertise of our talented global team and their commitment to delivering excellence for our clients.”
The company’s diversified and balanced client base reflects its growth strategy focused on financial investors and corporates, while maintaining its traditional strength in the banking sector. Today, the company’s financial investor and corporate client groups together account for more than 70% of its total revenues worldwide.
The strength of the firm’s global platform and its ability to serve clients across jurisdictions and regions has enabled it to consolidate key client relationships and secure multiple mandates with market-leading organizations that it can best support with the breadth and depth of the firm’s offering.
Litigation and Dispute Resolution, a global leader, was the largest contributor to revenue growth, with higher levels of activity in all areas. This was due to client focus on securities protection and recovery, geopolitical disruptions and the revival of enforcement activity by regulatory and criminal prosecution agencies in the wake of the crisis. Other areas of strong revenue growth were tax, pensions and employment. The firm continued to strengthen its world-leading offering in key growth areas such as private equity, energy transition, infrastructure and technology transformation, including Artificial Intelligence (AI).
Strategic, client-focused growth in the United States remains a priority for the firm, as evidenced by the recent opening of a new office in Houston, Texas. This move marked the expansion of its global energy and infrastructure practice in the region with the hiring of an initial cohort of seven new partners.
Clifford Chance’s People and Talent Strategy continues to focus on recruiting and retaining top talent. This includes supporting career progression, fostering learning and leadership development opportunities, advancing the firm’s diversity, equity and inclusion goals, and ensuring competitive compensation programs. In FY23, the firm hired 24 new partners across all practice areas, 42% of them in the United States (New York and Washington).
In addition, a total of 32 attorneys were promoted to partner effective May 1, 2023. The firm continues to make progress in meeting its global inclusion goals. A total of 39% of newly promoted partners were identified as underrepresented ethnic minority partners* in the UK and US in FY2013, exceeding targets for the third consecutive year. Thirty-eight percent of newly promoted partners were women. The firm is committed to working towards its target of 40% female partners by 2030, led by the Executive Leadership Group, which is currently 46% female.
As part of its commitment to employees, the firm is implementing its first global wellness strategy, focused on enabling people to thrive at every stage of their careers. This includes rolling out mental health and wellness training, and investing in a wide range of resources such as Mental Health Champions and an enhanced Employee Assistance Program.
Charles Adams concluded: “We begin the new fiscal year with sustained growth momentum and a strategy focused on growth in the geographies and sectors that matter most to our clients. In the current context of persistent challenges and uncertainties in the global economy, we will continue to implement this strategy to ensure exceptional service to our clients around the world.”