Clifford Chance, Freshfields, A&O and HSF post juicy partner profits
06 July 2018
The good times are rolling in for the equity partners at Clifford Chance, Freshfields Bruckhaus Deringer, Allen & Overy and Herbert Smith Freehills. This week, the firms released financial results for the year ending 30 April 2018 with dazzling profit per equity partner (PEP) all round.
Clifford Chance's revenue has increased 5% to £1.623 billion, and profits have risen a huge 13% to £626 million, resulting in PEP jumping by an impressive 16% to £1.6 million. Managing partner Matthew Layton told RollOnFriday that he was "immensely proud of the firm's strong performance
" adding that since the firm implemented a new strategy in 2015, it has achieved "profit growth in every region and practice in our global network"
. He highlighted that one of the most rapidly areas of growth was the Americas.
||An equity partner struggles, yesterday
The champagne corks have also been flying at Freshfields, as turnover rose 5% to £1.403 billion, and profits were up 12% to £683 million. PEP at the firm also rose 12% to £1.734m. At Allen & Overy, the rises were relatively modest in comparison with its Magic Circle peers: revenue was up by 4% to £1.57bn and profits also increased 3% to £690m. PEP rose 4% to £1.64m. A&O had record results in the last financial year, as PEP rocketed by an astounding 26%, which may be a reason that this year's growth is more steady. Managing partner Andrew Ballheimer noted that it was "gratifying to see another strong increase in revenue after outstanding figures last year
At Herbert Smith Freehills, revenue remained relatively flat, up just 0.7% to £926.8m, However profit leapt 8.2% to £277.2million, resulting in PEP jumping 12% to £852,000.