Clifford Chance Revenue Falls on Slow Asian Growth
By Nicole Mortimer - Jul 8, 2013 10:04 AM ET
Clifford Chance LLP, the highest-grossing U.K. law firm, said revenue fell slightly to 1.27 billion pounds ($1.9 billion) due to slower growth in Asia.
Asia-Pacific revenue dropped 3 percent in the financial year that ended on April 30, David Childs, London-based Clifford Chance’s managing partner, said in a conference call today. The region accounted for 14 percent of the firm’s revenue, about the same as last year.
“Given the difficult operating environment for many of our clients and the depressed transactional markets, we are pleased to have maintained revenues last year,” Childs said in a statement. He said he is “optimistic that this will be a better year than last year.”
Clifford Chance reported higher revenue than its top three U.K. competitors, which announced earnings last week. Allen & Overy LLP revenue increased less than 1 percent to 1.19 billion pounds. Freshfields Bruckhaus Deringer LLP’s earnings rose 7 percent to 1.22 billion pounds while Linklaters LLP said its revenue rose by 1 percent to 1.19 billion pounds.
Clifford Chance will re-evaluate its revenue goal of 250 million pounds a year in Asia by 2014 after this year’s results, Childs said.
Clifford Chance revenue increased 7 percent to 1.3 billion pounds in the period that ended a year earlier.
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