Record profits for London ‘magic circle’ firms
Two London ‘magic circle’ firms have announced record profits, turnover, and partner earnings.
Clifford Chance and Linklaters both cited US growth as underpinning their 2024-25 performance.
'Terrific'
Linklaters senior partner and chair Aedamar Comiskey referred to “a terrific set of results and another record year”, with revenue of £2.32 billion – up 11% on 2024.
In the year to 30 April, Clifford Chance reported partnership profit up 11% to £944 million, on revenue up 9% to £2.4 billion.
Profit per equity partner (PEP) rose to a record £2.11 million.
The results statement noted 18% revenue growth in the US.
Linklaters reported pre-tax profits up 14% to £1.08 billion, exceeding £1 billion for the first time.
Profits in the US grew by 57% on 2024, the firm said.