Clifford Chance May Lose #1 Spot, as Revenue Drops 5% to $2.04B
Clifford Chance may be about to lose its No. 1 ranking as the world’s top-grossing law practice.
Managing partner David Childs says the London-based megafirm’s revenue was down about 5 percent for the fiscal year that ended April 30, reports Bloomberg.
Clifford Chance earned about $2.04 billion in fee income for the fiscal year, based on preliminary results. And that seemingly puts the firm behind at least two United States-based competitors in total revenue, the news agency notes:
Skadden Arps Slate Meagher & Flom brought in $2.2 billion for the 2008 calendar year, closely followed by Baker & McKenzie, which had revenue of $2.19 billion. The two international firms are based in New York City and Chicago, respectively.
As discussed in earlier ABAJournal.com posts, the megafirm, like many of its competitors, has been undergoing changes in response, at least in part, to a difficult economy:
Late last month, firm’s global chief of litigation and head of its New York office resigned, and five other New York partners left the firm earlier in May. Meanwhile, the firm also announced possible associate layoffs in its U.S. offices; sources said 29 associates are likely to lose their jobs.
In March, the firm laid off 24 New York transactional associates, and in February it announced a restructuring of its partnership.
The firm also made the news early this year after it asked partners to contribute about $92 million in additional capital.
