Magic circle firm Clifford Chance has confirmed that its pre-tax profits rose by nearly a quarter in 2015/16.
The international firm recorded profits of £491m for the year ending 30 April 2016, 23% up on the previous 12 months. Turnover was flat, rising by 2.7%, from £1.35bn to £1.386bn.
Responding to provisional results last year, managing partner Matthew Layton said the figures reflected the firm’s progress against its 18-month strategy. It had confirmed that profit per equity partner rose 10% to an all-time high of £1.23m.
The annual accounts, filed with Companies House, show revenue grew in all global regions apart from continental Europe. Income increased by 12% from the Americas to £175m, by 9% from Asia-Pacific to £224m, and by 7% from the Middle East to £46m.
Income from the UK rose 2.5% to £489m, but in the rest of Europe it fell 3.6% to £452m.
Headcount at the firm worldwide fell from 6,217 to 6,173. The reduction is largely attributed to a cut in the number of associates and other fee-earners, whose headcount fell from 2,377 to 2,315.
The total remuneration of the 12 members of the firm's executive leadership group was £15m, up by £1m on the previous year.
The LLP had £102m net cash by the end of April 2016, up from £56m at the same point in 2015.
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