Clifford Chance (CC) has posted a 7% increase in global revenue for the 2013-14 financial year, hitting a record high of £1.36bn.

Partnership profit increased by 14% to £459m, while profits per equity partner (PEP) grew 16% to £1.14m, a rise on last year's equivalent of £984,000. Meanwhile, the magic circle firm's equity partner count dipped 2.4% from 411 to 401 during the year.

The results are a significant improvement on last year's figures, when CC posted a 2.5% dip in revenue and 9% drop in PEP. At the time the firm reported PEP of £1m.

Geographically, the firm's Asia Pacific offices saw the most growth in 2013-14, bringing in 9% more than it did in the previous year to account for 14% (£195m) of total revenue.

CC's continental Europe operations contributed the bulk of firmwide revenue, amounting to 37% of the business after revenue from the region grew by 8% to £503m.

Revenue from CC's UK arm was up 6% on the previous year, rising to £469m, and accounting for 35% of firmwide business.

The US offices brought in 11% of total earnings, a year-on-year increase of 6%, while the Middle East accounted for 3%.

The firm did not disclose a revenue breakdown by practice, but CC managing partner Matthew Layton (pictured) said that the corporate and finance groups each brought in around 30% of total revenue.

"Market confidence has increased throughout the year and there is an increasing appetite for strategic transactions, with strong activity levels in capital markets and the structured products area," Layton told Legal Week.

"Our results also reflect an increase in transactional activity we saw beginning in the US over a year ago, which has extended to the European and Asia Pacific markets.

"We see opportunities for growth across the business. Investors in the US and Asia are showing increasing interest in Western Europe. We will continue to develop our US practice through organic promotion and further strategic investments, as well as our Asia Pacific practice, with Singapore, for example, continuing its development as a key financial and business hub in South East Asia."

In 2013-14 the firm acted for eight of the top 10 companies ranked in the Fortune 500. Highlights of the year include acting for Chinese motor company Dongfeng on its equity investment in PSA Peugeot Citroen Group, advising US confectionary giant Mondelez International on the $7bn merger between its coffee business and Douwe Egberts owner DE Master Blenders 1753.

At the start of 2014 CC expanded its presence in Saudi Arabia when it officially integrated with Riyadh alliance firm Al-Jadaan to form a mixed local and foreign lawyer partnership in the jurisdiction.

The firm also extended its reach in Indonesia in the same month by forming an association with local law firm Linda Wadyati and Partners.

The news comes as CC today (1 July) appointed partner Mark Poulton as its new London head of corporate for a four-year term. Poulton joined CC in 1988 and was made partner in 1997.

In May it emerged that Tinkler would be stepping down as the London head of corporate at the end of his first term to return to full-time fee-earning.

The corporate team had previously debated whether Tinkler ought to be replaced, with ideas for an alternative ranging from splitting duties such as HR and client development among partners to having Norman adopt London as part of his wider role.

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