Clifford Chance LLP Takes Profits Hit As Pension Deficit Continues to Grow
The firm's LLP profits have contracted this year, against a backdrop of worldwide revenue growth.
January 02, 2020 at 04:46 AM
2 minute read
Clifford Chance LLP's operating profits fell 5% last year to £260 million, while its pensions deficit continued to grow.
The figures are contained with the firm's latest LLP accounts, posted on Companies House.
The firm continues to grapple with one of the highest pension deficits of any U.K. law firm, with its obligations rising £1 million this year to £284 million—an overall improvement, however, on its £341 million net obligation in 2017. The firm said in its account statement that it aims to "eliminate the scheme's deficit by May 31, 2026".
The firm's post-tax profits available for distribution among the firm's global members, meanwhile, ebbed £3 million to £579 million. Its profit per equity partner sits at £1.62 million, as reported earlier this year, while the firm's top of equity remains flat at £3 million.
Nevertheless, the firm managed to crop its total LLP liabilities by £24 million to £841 million, while its total assets have swelled by £56 million to £881 million. Additionally, its consolidated pre-tax profit—which includes profits made by the firm's subsidiaries, non-LLP branches, tie-ups and separate entities—has ticked up £3 million to £618 million.
Earlier this year the firm posted profit a 4.3% uptick in worldwide revenue to £1.693 billion.
CC is the second Magic Circle firm to post its LLP results, after Allen & Overy revealed that its profits for division among members grew by 10% to £443.3 million. The growth follows a slump in the figure the previous year, when profits for division fell by almost £100 million.
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