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Clifford Chance’s continental European practice was the only part of the business to suffer a dip in turnover last year, the firm’s LLP accounts have revealed.
The European offices saw a 4 per cent drop in turnover from £469m to £452m in 2015/16, while its operations in the UK, Middle East and Asia each saw revenues up, contributing to the firm’s overall growth in turnover from £1.35bn to £1.39bn.
Clifford Chance’s US offices saw the biggest growth over 2015/16, with revenues climbing 12 per cent from £156m to £175m across its offices in New York, São Paulo and Washington DC.
This revenue growth led to a 7 per cent hike in pay for Clifford Chance’s 12-member executive team, which climbed from £14m to £15m last year.
The executive team is led by global managing partner Matthew Layton and includes partners Rob Lee and Guy Norman, as well as executive partner Chris Perrin and chief financial officer Patrick Glydon.
Total salary costs for staff rose over 2015/16 from £464m to £482m. The firm employed a total of 6,173 people – a reduction of 1 per cent on 2014/15.
More trainees were taken on during the period, although this will change in September 2018 when the firm will reduce trainee numbers by 20 per cent.
The LLP accounts also show there was a 3 per cent reduction in the number of associates and other fee-earners working at the firm from 2,377 to 2,315.
Clifford Chance revealed its 2015/16 financial results in the summer and announced that average profit per equity partner had grown 10 per cent to £1.23m.
The results followed a disappointing year in 2014/15 when global turnover dipped slightly to £1.35bn.
The post Clifford Chance management pay up 7% amid US growth appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.
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