Magic circle law firm Clifford Chance said it was focused on ‘steady and confident growth’ in its US business
One of London’s ‘magic circle’ law firms has ruled out following a major rival in pursuing a merger.
Clifford Chance said it was focused on ‘steady and confident growth’ in its US business.
It distanced itself from taking the same approach as Allen & Overy, which announced plans for a £3.4buillion merger with the US law firm Shearman & Sterling in May.
Charles Adams, global managing partner, said: ‘We are not pursuing a deal and are still confident the right strategy is the one that we’re pursuing.’
He cited a new office in Houston, Texas, as an example, as Clifford Chance reported more than £2billion of revenue for the first time.
In the 12 months to the end of April it was 5 per cent higher than the £1.97billion it generated the year before.
But profit slid £2million to £781million while partners’ pay on average dipped slightly to £2m from £2.04million.
Allen & Overy, which last week reported revenues of more than £2billion for the first time, said its top lawyers took a pay cut of £130,000 as average salaries fell to £1.82million from £1.95million.
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