Clifford Chance profit per partner hits record as Asia offsets slower U.S. growth
Clifford Chance reports record partner pay after its profit pool passes £1 billion in the year to the end of April. The result comes as stronger Asia revenues, helped by a rebound in IPO activity, outweigh slower growth in the firm's U.S. business.
Highlights
- Clifford Chance profit per equity partner rises 9% to a record £2.3 million as partner profit pool surpasses £1 billion for the first time.
- Asia revenue grows 26% in the 12 months to April, aided by capital markets work and advising on four of the 10 largest Hong Kong IPOs in 2025.
- U.S. and São Paulo business revenue rises 9% to £422 million, slowing from 28% and 18% growth in prior years due to earlier rapid expansion.
Profit growth driven by Asia and global mandates
As reported by the Financial Times, Clifford Chance says profit per equity partner rises 9 per cent to a record £2.3 million, while its partner profit pool exceeds £1 billion for the first time in the 12 months to the end of April.Global revenue increases 9 per cent to £2.6 billion. The firm says Asia revenue grows 26 per cent, supported by a pick-up in capital markets work, and it advises on four of the 10 largest Hong Kong IPOs in 2025.
Other major mandates during the year include advising Nuveen on its £9.9 billion takeover of Schroders and Unilever on the $45 billion merger of its food division with U.S. spice and sauce maker McCormick.
Wall Street push continues despite slower regional momentum
Growth in the U.S. business, which includes São Paulo, slows to 9 per cent and reaches £422 million for the period. That compares with growth rates of 28 per cent and 18 per cent in 2024 and 2025.Global managing partner Charles Adams says the lower U.S. figure reflects the compounding effect of earlier expansion after a wave of hires in America and the growth of the New York office. Clifford Chance and its peers continue competing for market share in the U.S. as UK firms seek to strengthen their position against elite Wall Street rivals in the world's largest legal market.
Like Linklaters, which also reports record profit per equity partner this week, Clifford Chance benefits from renewed Hong Kong listing activity. The firm does not disclose profits by region.
In our earlier coverage of Clifford Chance’s record £2.3 million profit per equity partner, we noted the firm’s partner profit pool topping £1 billion as global revenue rose to £2.6 billion. That report highlighted Asia’s 26% revenue jump on stronger capital markets and Hong Kong IPO activity, alongside a slowdown in U.S. growth to 9% as the firm continued investing in its American expansion.
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