Clifford Chance and Allen & Overy have both rebounded from a weak
2012/13 with record financial results.
Last year Clifford Chance suffered a 2% drop in revenue, a 6% drop in profit and a 9% drop in PEP ("cancel Ocado darling, I've only pulled in £1 million"). But the decline has had the positive effect of making this year's announcement sound much more impressive. Even so, the increase of partnership profit by 14% and PEP by 16% is sizeable. The Magic Circle firm also earned a record £1.36 billion in revenues, which equates to a considerable number of 6 minute units.
Allen & Overy also announced record revenue and emphasised its consistent growth over the last five years, in contrast to *coughCliffordChancecough* no-one in particular. Although 2012/13, in which PEP froze and revenue increased by 0.6%, was not a vintage year for A&O, either.
RollOnFriday's stat-gimp compiled the following easy to read table of cash:
Clifford Chance Managing Partner Matthew Layton put the improved results down to "a definite uptick in transactional markets we saw starting in the US over a year ago". A&O Global Managing Partner Wim Dejonghe also credited the economy, and added that off-shoring work to Belfast was paying off (after a poor start).
He added that the firm's good fortune "is down to one factor more than anything else – our people". Aww, really? That will cheer up his associates, some of whom are apparently annoyed at not getting a pay rise.
Tip Off ROF
Last year Clifford Chance suffered a 2% drop in revenue, a 6% drop in profit and a 9% drop in PEP ("cancel Ocado darling, I've only pulled in £1 million"). But the decline has had the positive effect of making this year's announcement sound much more impressive. Even so, the increase of partnership profit by 14% and PEP by 16% is sizeable. The Magic Circle firm also earned a record £1.36 billion in revenues, which equates to a considerable number of 6 minute units.
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A CC associate celebrates the economic recovery |
Allen & Overy also announced record revenue and emphasised its consistent growth over the last five years, in contrast to *coughCliffordChancecough* no-one in particular. Although 2012/13, in which PEP froze and revenue increased by 0.6%, was not a vintage year for A&O, either.
RollOnFriday's stat-gimp compiled the following easy to read table of cash:
Revenue 2013/14 |
Revenue 2012/13 |
UK Partnership profit 2013/14 |
UK Partnership Profit 2012/13 |
PEP 2013/14 |
PEP 2012/13 |
|
Clifford Chance |
£1,359m |
£1,271m |
£459m |
£404m |
£1.14m |
£1.00m |
Allen & Overy |
£1,230m |
£1,190m |
£532m |
£497m |
£1.12m |
£1.05m |
Clifford Chance Managing Partner Matthew Layton put the improved results down to "a definite uptick in transactional markets we saw starting in the US over a year ago". A&O Global Managing Partner Wim Dejonghe also credited the economy, and added that off-shoring work to Belfast was paying off (after a poor start).
He added that the firm's good fortune "is down to one factor more than anything else – our people". Aww, really? That will cheer up his associates, some of whom are apparently annoyed at not getting a pay rise.
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My experience at A&O was that there was something a teensy bit cultish about the place. They had convinced themselves that it was a great place to work when in fact it was the same as any other city law firm (albeit with a very well equipped gym and a large cafeteria).
My experience, having worked at a couple of MC firms and several other Silver Circles too is that there are much friendlier and more pleasant law firms in the City.
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