‘Magic circle’ law firm Clifford Chance rules out merger as it focuses on ‘steady and confident growth’ in the US
‘Magic circle’ law firm Clifford Chance rules out merger as it focuses on ‘steady and confident growth’ in the US
Magic Circle law firm Clifford Chance said it was focused on “steady and confident growth” in its US business
One of London’s “magic circle” law firms has ruled out a major rival pursuing a merger.
Clifford Chance said it was focused on “steady and confident growth” in its US business.
It moved away from the same approach as Allen & Overy, which in May announced plans for a £3.4 billion merger with US law firm Shearman & Sterling.
Charles Adams, global managing partner, said: “We are not pursuing a deal and still believe that the right strategy is the strategy we are pursuing.”
He cited a new office in Houston, Texas as an example, as Clifford Chance reported more than £2 billion in revenue for the first time.
In the 12 months to the end of April, it was 5 percent higher than the £1.97 billion it generated the year before.
But profits fell by £2 million to £781 million, while partners’ wages fell slightly on average from £2.04 million to £2 million.
Allen & Overy, which last week reported a turnover of more than £2bn for the first time, said its top lawyers took a £130,000 pay cut as average salaries fell from £1.95m from £1.82m.