Clifford Chance's profits for 2009/2010 are reportedly up by 15%. Given that the previous results showed a collapse of 37%, that would be a fairly impressive turn-around.
The firm isn't due to announce its results until later in the summer. But somehow The Times was able to predict this week that the average earnings of its partners would be up from £733,000 to around £850,000. Yes, that's down on the £1.1 million it posted before the credit crunch, but a serious step in the right direction. The Times claimed that the information came from "a person familiar with Clifford Chance". And given that the figures hadn't even been released to the firm's partners, that would have to be someone very familiar with the firm - surely neither senior management nor the firm's accountants could possibly leak such sensitive information?
A spokeswoman for the firm would only say that "these are not official figures released by Clifford Chance, which won't be available for a while yet". But she didn't dispute them, and anecdotal evidence suggests that the last year has turned out well for the whole of the Magic Circle too. So watch this space (and then submit your pay rise request).
Tip Off ROF
The firm isn't due to announce its results until later in the summer. But somehow The Times was able to predict this week that the average earnings of its partners would be up from £733,000 to around £850,000. Yes, that's down on the £1.1 million it posted before the credit crunch, but a serious step in the right direction. The Times claimed that the information came from "a person familiar with Clifford Chance". And given that the figures hadn't even been released to the firm's partners, that would have to be someone very familiar with the firm - surely neither senior management nor the firm's accountants could possibly leak such sensitive information?
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A spokeswoman for the firm would only say that "these are not official figures released by Clifford Chance, which won't be available for a while yet". But she didn't dispute them, and anecdotal evidence suggests that the last year has turned out well for the whole of the Magic Circle too. So watch this space (and then submit your pay rise request).