Revenue from Clifford Chance’s Asia offices grew by 4% this year, according to audited financial results the firm released on 21 September.
Asia revenues rose from £100m (US$185m*) to £104m (US$169m) from May 2008 to April 2009. This compares to the previous year where Asia revenues grew by 20% – from £83m to £100m.
The Magic Circle firm however lost its rank as the world’s largest firm by revenue after a 5% drop in global revenue. The firm said that it wanted to be transparent about its figures despite the decline. “Although not obliged to publish [these figures], we believe it is right to conduct our business transparently. And we recognise that transparency means acknowledging difficulties and shortcomings as well as celebrating our many achievements,” it said.
It also explained its cost-cutting measures – such as a £60m restructuring, and a headcount reduction of over 200 lawyers. “We had already been acting to reduce costs, for example, through the roll-out of global IT platforms and development of our shared service centre in India. Incremental steps of this kind are important, but are not enough when accepted realities are turned on their heads.”
Given the year-on-year growth in Asia, the firm will focus more on the region over the next year. Awaiting liberalisation of the Indian market, it said it would increase its engagement with Indian ally AZB & Partners, particularly on capital markets deals via its launched capital markets practice in Singapore. The alliance has already proven fruitful at a recent seminar hosted by the firm for Japanese clients investing in India. “The introductions we were able to make between our clients [at the seminar] and our friends at AZB (and vice versa) resulted in a number of new working relationships,” said Tokyo head of litigation Jim Jamison.
It is also looking to capture more of the market for Chinese outbound energy deals in Central Asia, following the Hong Kong team’s successful role on the US$1.1bn project financing of the Turkmenistan - China gas pipeline. The deal took out the Project Finance Deal of the Year at the ALB Hong Kong Law Awards 2009 ceremony on 18 September. For more on the winners announced last week, click here.
*Approximate 2008 conversion rate
Clifford Chance in Asia
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Asia managing partner
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Peter Charlton
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Total lawyers:
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236
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Total partners:
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56
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Total other fee-earners:
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65
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Number of Asian offices:
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6 (Bangkok, Beijing, Hong Kong,
Shanghai, Singapore, Tokyo)
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[Figures as at July 2009]
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