Clifford Chance underperforms Magic Circle with 9% drop in PEP
08 July 2013 11:36
by David Stevenson
Clifford Chance (CC) has underperformed its Magic Circle rivals in its 2012/13 results as the firm today announced a 2.5% decline in revenue to £1,271m and a 9% drop in profit per equity partner (PEP) to £1m.
The firm, which has expanded the number of equity partners year-on-year from 379 in 2010-11 to 411 in the past financial year, pointed to factors including the predicted Eurozone crisis together with a slowdown in the Asia-Pacific market and a change of political leadership in China as having a negative impact on its bottom line.