Clifford Chance has posted subdued financials results for the year ending April 2023, with profits and profit per equity partner flatlining, despite revenue surpassing the £2 billion mark for the first time.

Revenues continued to rise for the eighth consecutive year, however only by a modest 5%, to go from £1.97 billion to £2.06 billion—falling just shy of the £2.1 billion revenue reported by rival Allen & Overy earlier in the month, reversing the previous year’s photo finish.