Clifford Chance Profits Rise But Firm Sees Harder Time (2)

Magic Circle law firm Clifford Chance said annual profit rose 5% last year but warned that it would set aside funds to help weather the squeeze from the coronavirus pandemic.

Partnership profit increased to 666 million pounds ($846 million) in the 12 months ended April 30th, with revenue jumping 6% to 1.8 billion pounds. At the end of the year, the firm had no net borrowings.

Covid-19 only started hurting results in the last few months of the year, and the London-based firm said the outbreak will create challenges for both it and its clients in the next 12 months. ...