Clifford Chance (CC) reduced staff costs by £41m during 2009-10, after cutting its total headcount by 12% during the extensive firmwide restructuring carried out in the previous financial year.

Figures within the firm's 2009-10 limited liability partnership (LLP) accounts, recently filed with Companies House, show that total staff and related costs at the magic circle firm dropped from £576m in 2008-09 to £535m in 2009-10 – a reduction of 7.6%.

Total lawyer numbers fell by 12% between the two financial years for both partners and associates, with partner numbers dropping from 637 to 562, and associates from 2,642 to 2,313. Trainee numbers and administrative and support staff both decreased by 11%, from 569 to 509 and from 3,299 to 2,925 respectively. Overall, total fee earners and staff at the firm fell by 12%.

The accounts also show that the firm's cash position deteriorated slightly, with net cash at the end of the year standing at £20m, compared with £66m the previous year. The firm said the fall was partly down to costs of the restructuring, as it paid almost £18m to departing partners during the year.

Meanwhile, overall revenues were down by 5% to £1.2bn, a decrease of £65m, while profit for the year – before tax and before members' remuneration and profit share – decreased by 3% to £319m.

Revenues fell in all regions except Asia, where turnover grew by 20% from £104m to £125m. The firm took the majority of its revenues from the UK and Gulf region, at £456m, although billings in these markets were down 9% from £499m in 2008-09. The firm's Continental Europe billings were down 8%, while the Americas were fairly stable, declining by just 2%.

CC chief financial officer (CFO) Stephen Purse said: "Last year's financials show that the firm remains on the right track with a very robust financial position. With continuing improvement in market conditions, I anticipate further improvement in the coming financial year."