Clifford Chance

Clifford Chance LLP
Headquarters 10 Upper Bank Street,
London, E14
United Kingdom
No. of offices 36 offices across 26 countries[1]
No. of lawyers Approx. 3,300[1]
Major practice areas Banking and finance
Capital markets
Corporate and M&A
Litigation & Dispute Resolution
Real estate
Tax, pensions and employment
Key people Matthew Layton
(Managing Partner)
Malcolm Sweeting
(Senior Partner)[2]
Revenue £1.36 billion (2013/14)[3]
Profit per equity partner £1.14 million (2013/14)[3]
Date founded 1987 (by merger)
Company type Limited liability partnership
Website www.cliffordchance.com

Clifford Chance LLP is a multinational law firm headquartered in London, United Kingdom, and a member of the "Magic Circle" of leading British law firms. It is one of the ten largest law firms in the world measured both by number of lawyers and revenue.[4] In 2013/14 Clifford Chance had total revenues of £1.36 billion, the highest of any firm in the Magic Circle in that year, and profits per equity partner of £1.14 million.[3] According to SWFI, Clifford Chance tied for 1st place for calendar year 2015 regarding legal advising for public institutional investor deals.[5]

Clifford Chance was formed in 1987 by the merger of two London-based law firms, Clifford Turner and Coward Chance. In 1999 it merged with the Frankfurt-based firm Pünder, Volhard, Weber & Axster and the New York-based firm Rogers & Wells.

History

10 Upper Bank Street, Clifford Chance's headquarters in Canary Wharf, London

Clifford Chance was formed by the merger of two London-based law firms. The first was Coward Chance, which derived from a firm established in 1802 by Anthony Brown, a fishmonger's son. Brown's firm became embroiled in the Panic of 1825, caused by speculation in South American investments, including the non-existent country of Poyais, invented by Scottish soldier Gregor MacGregor. One of the firm's longest clients was Cecil Rhodes. The firm advised him on his diamond mining business in South Africa, administered his estate after his death and helped set up the Rhodes Scholarships. Another client was Guglielmo Marconi. It also helped Midland Bank recover assets in Russia after the 1917 revolution, and advised the state government of Hyderabad on the preparation for Indian independence. The second firm was Clifford Turner, founded in 1900, with offices on Gresham Street, EC2. Its clients included Dunlop Rubber Company and Imperial Airways. In 1929, Clifford Turner advised and witnessed the creation of John Lewis Partnership. After the Second World War it advised the Labour government on the nationalisation of several privately owned industries. It opened offices in Paris in 1961, Amsterdam in 1972 and New York in 1986.[6]

The merger of Clifford Turner and Coward Chance in 1987 led to the formation of Clifford Chance. Neither Clifford Turner nor Coward Chance were first-rank London law firms, but their merger has since been said to have changed the shape and profile of law firms in London and globally.[7] Over the next decade the firm expanded its practices across Europe and Asia and more than doubled in size. In 1992 Clifford Chance became the first major non-US firm to practice US law.[8]

In 1999 Clifford Chance merged with Frankfurt-based law firm Pünder, Volhard, Weber & Axster and with the 1871-established US-based firm Rogers & Wells (the use of the Pünder, Volhard, Weber & Axster and Rogers & Wells branding for their respective European and United States regional offices was discontinued in 2003). In 2002, Clifford Chance launched in California, setting up a branch with nearly 50 attorneys from the disbanding dot-com firm Brobeck, Phleger & Harrison in Los Angeles, Palo Alto, San Diego and San Francisco. With California's downturn, the firm closed its Pacific Coast operations in 2007.[9]

Clifford Chance was one of several international law firms that developed local law practices in Japan following the easing of restrictions on foreign law firms in 2005. Although its Magic Circle competitors Allen & Overy and Linklaters significantly downsized this segment of their practice following the 2008 financial crisis, the Tokyo office of Clifford Chance maintains a local law practice, even handling local matters for Japanese clients, and views this capability as critical for an international law firm.[10] Clifford Chance was the highest-ranked European law firm by Japanese corporate legal departments in a December 2013 Nihon Keizai Shimbun survey.[11]

Like other firms in the Magic Circle, the firm lost significant revenue during the late-2000s recession, with its profit dropping by 33.4% in the 2008-9 financial year.[12] As part of cost cutting in response to the recession, in 2009 Clifford Chance announced plans to lay off 80 lawyers and 115 support staff in London.[13] In addition, the firm accepted the redundancy applications of 50 fee earners in London over and above the initial 80 lawyers.[14]

In 2011 the firm moved back office tasks to its 350-employee Global Shared Service Centre, including a 60-employee Knowledge Centre in New Delhi, India as an efficiency measure.[15]

In May 2011, Clifford Chance opened offices in Australia by merging with two M&A boutique law firms, Sydney-based Chang, Pistilli & Simmons and Perth-based Cochrane Lishman Carson Luscombe.[16][17] In February 2012, Clifford Chance opened a new office in Casablanca, giving the firm's Africa practice its first permanent on the ground presence in the continent.[18] In July 2012, Clifford Chance became the first UK firm to receive permission from South Korea’s Ministry of Justice to open an office in the country.[19]

In November 2011 it was identified as the largest supplier to the City of London Corporation, having received over £9m in fees from the corporation between January and September of that year.[20]

In 2012, a further 13 lawyers were laid off in London.[21]

Profit per equity partner for 2014 for the firm was £1.14 million; compared to £1.12 million at Allen and Overy; £1.39 million at Linklaters; and £1.48 million at Freshfields.[12]

Main practice areas

Clifford Chance's main practice areas are:

References

  1. 1 2 "About us". Clifford Chance. Retrieved 25 August 2013.
  2. ↑ "How we manage our firm". Clifford Chance. Retrieved 18 October 2014.
  3. 1 2 3 "The Lawyer UK 200 Preview: Come on, united". The Lawyer. 12 August 2013. Retrieved 25 August 2013.
  4. ↑ "The 2012 Global 100: A World of Change". The American Lawyer. Retrieved 25 August 2013.
  5. ↑ "LEAGUE TABLES: Morgan Stanley and JPMorgan Tie for First for 2015". Sovereign Wealth Fund Institute. 2016-01-28.
  6. ↑ See J Slinn, Clifford Chance: Its origins and development (1993), partially summarised by A brief history of Clifford Chance
  7. ↑ Fennel, Edward (30 January 2007). "Driving ambition of mega CC - Why the merger of Coward Chance and Clifford Turner changed the way City firms work". The Times. London: News Corporation. Retrieved 2007-11-18.
  8. ↑ Dillon, Karen (May 1993), "The British Empire Strikes Back", American Lawyer: 52–56
  9. ↑ Eric Young, "Giant UK firm to quit West Coast", San Francisco Business Times, 2 May 2007. http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2007/03/05/story8.html
  10. ↑ Brennan, Tom (15 July 2013). "Foreign Firms Stumble Going Local in Japan". The Asian Lawyer. Retrieved 18 July 2013.
  11. ↑ "企業が選ぶ弁護士ランキング　企業法務１位は中村氏". Nihon Keizai Shimbun. 16 December 2013. Retrieved 16 December 2013.
  12. 1 2 http://www.thelawyer.com/analysis/behind-the-law/2013/14-financials-a-decade-in-figures-at-the-magic-circle/3022911.article
  13. ↑ http://www.thelawyer.com/clifford-chance-to-cut-115-london-support-staff-jobs/136978.article
  14. ↑ http://www.thelawyer.com/fifty-take-voluntary-redundancy-at-clifford-chance/136827.article
  15. ↑ Mark Ford (Director of the Clifford Chance Knowledge Centre): Clifford Chance's knowledge centre in India: the story so far, Practical Law Company, 28 April 2011, http://plc.practicallaw.com/8-505-7501
  16. ↑ "Clifford Chance Merges With Two Law Firms to Open in Australia". Bloomberg. 16 February 2011. Retrieved 7 October 2011.
  17. ↑ Ring, Suzi (16 February 2011). "CC makes Australia debut with local mergers as Asia growth gathers pace". Legal Week.
  18. ↑ "Clifford Chance". cliffordchance.com.
  19. ↑ http://www.thelawyer.com/clifford-chance-sheppard-mullin-and-ropes-gain-seoul-approval/1013471.article
  20. ↑ "City of London spending and income: where does the money come from, and where does it go?". Guardian. 1 November 2011.
  21. ↑ http://www.thelawyer.com/news/people/cuts-and-redundancies/clifford-chance-to-cut-city-associates-in-response-to-low-nq-attrition/1011925.article

Further reading

Coordinates: 51°30′10″N 0°01′01″W / 51.5027°N 0.017°W / 51.5027; -0.017

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