Clifford Chance Revs Up US Operations
Struggling for a while in the U.S. after a difficult merger with Rogers & Wells in 2000, Clifford Chance is revving its engines and expects to see American profits nearly double in the foreseeable future.
Four of the 35 new partners named by the London-based megafirm are in its 440-lawyer New York office, reports the Lawyer. Plus, Clifford Chance hopes to see the share of total firm revenue contributed by its two U.S. offices grow from the current 14 percent to one-fourth of the firm’s total income intake within the next three years. (In addition to New York, the firm has a second U.S. office in Washington, D.C.)
To achieve this goal, Clifford Chance plans to increase lateral hiring in New York and could very well add another four partners there next year, says David Childs, the firm’s managing partner. “We need more resources in corporate. Despite the current difficulties in the market, our U.S. corporate practice remains very busy and could do with more resources. We also need more resources in banking.”
As discussed in an earlier ABAJournal.com post, the firm’s U.S. earnings were about $320 million during the 2006-2007 fiscal year, up from $265 million two years earlier.
