Cliford Chance has announced its Global Financial results for the year ended 30 April 2022 (FY22), with the following numbers:
- Seventh consecutive year of record profit and revenue
- Revenues of GBP 1,969 million, representing growth of 8% year on year
- Partnership profit GBP 783 million, an increase of 9% year on year
- Profit per equity partner (PEP) GBP 2.04 million, an increase of 10% year on year
- In US Dollars, these figures are equivalent to revenues of USD 2,658 million, profit USD 1,057 million, PEP USD 2.75 million
- In Euros, these figures are equivalent to revenues of €2,323 million, profit €924 million, PEP €2.4 million
Since the introduction of the firm’s strategy in FY2015:
- Revenues have increased by 46%
- Partnership has profit increased by 74%
- Profit per equity partner has increased by 82%
The combination of robust revenues, prudent cost management and increased emphasis on financial and commercial discipline, resulted in the firm ending FY22 with GBP 376 million in cash and no net borrowings.
Charles Adams, Clifford Chance Global managing partner, comments: “Our team has delivered another outstanding year of results. We are seeing the positive outcome of our long-term strategic focus to diversify our client base, continually increase our market share and growth in priority geographies such as the Americas. These results are a testament to Matthew Layton’s leadership as the previous Global Managing Partner, as well as the energy, dedication, teamwork and phenomenal expertise of all our colleagues. It is because of this that, profit per equity partner increased by 10% year on year to in excess of £2m.”
“Clients are at the heart of everything we do. To serve them better, we continue to prioritise our relationships with them and the delivery of our balanced combination of expertise and our increasingly global focus. Despite geopolitical uncertainty and signs of a slowdown in some markets, all our regions grew in income and net profit.”
