CLIFFORD CHANCE LLP is a multinational law firm headquartered in
London , United Kingdom, and a member of the "Magic Circle " of
leading British law firms. It is one of the ten largest law firms in
the world measured both by number of lawyers and revenue. In 2016/17,
Clifford Chance had total revenues of £1.54 billion, the highest of
any firm in the Magic Circle, and record profits per equity partner of
£1.375 million. According to SWFI,
Clifford Chance tied for 1st
place for calendar year 2015 regarding legal advising for public
institutional investor deals.
Clifford Chance was formed in 1987 by the merger of two London-based
law firms, Clifford Turner and Coward Chance. In 1999 it merged with
the Frankfurt-based firm Pünder, Volhard, Weber & Axster and the New
York-based firm Rogers ">
10 Upper Bank Street , Clifford Chance's
headquarters in Canary Wharf,
Clifford Chance was formed by the merger of two London-based law
firms. The first was Coward Chance, which derived from a firm
established in 1802 by Anthony Brown, a fishmonger 's son. Brown's
firm became embroiled in the
Panic of 1825 , caused by speculation in
South American investments, including the non-existent country of
Poyais, invented by Scottish soldier
Gregor MacGregor . One of the
firm's longest clients was
Cecil Rhodes . The firm advised him on his
diamond mining business in South Africa, administered his estate after
his death and helped set up the Rhodes Scholarships . Another client
Guglielmo Marconi . It also helped
Midland Bank recover assets in
Russia after the 1917 revolution, and advised the state government of
Hyderabad on the preparation for Indian independence . The second firm
was Clifford Turner, founded in 1900, with offices on
Gresham Street ,
EC2. Its clients included
Dunlop Rubber Company and
Imperial Airways .
In 1929, Clifford Turner advised and witnessed the creation of John
Lewis Partnership . After the Second World War it advised the Labour
government on the nationalisation of several privately owned
industries. It opened offices in Paris in 1961, Amsterdam in 1972 and
New York in 1986.
The merger of Clifford Turner and Coward Chance in 1987 led to the
formation of Clifford Chance. Neither Clifford Turner nor Coward
Chance were first-rank
London law firms, but their merger has since
been said to have changed the shape and profile of law firms in London
and globally. Over the next decade the firm expanded its practices
across Europe and Asia and more than doubled in size. In 1992 Clifford
Chance became the first major non-US firm to practice US law.
Clifford Chance merged with Frankfurt-based law firm Pünder,
Volhard, Weber & Axster and with the 1871-established US-based firm
Rogers & Wells (the use of the Pünder, Volhard, Weber & Axster and
Rogers & Wells branding for their respective European and United
States regional offices was discontinued in 2003). In 2002, Clifford
Chance launched in
California , setting up a branch with nearly 50
attorneys from the disbanding dot-com firm Brobeck, Phleger & Harrison
Los Angeles , Palo Alto ,
San Diego and
San Francisco . With
California's downturn, the firm closed its Pacific Coast operations in
Clifford Chance was one of several international law firms that
developed local law practices in
Japan following the easing of
restrictions on foreign law firms in 2005. Although its Magic Circle
Allen & Overy and
Linklaters significantly downsized this
segment of their practice following the
2008 financial crisis , the
Tokyo office of
Clifford Chance maintains a local law practice, even
handling local matters for Japanese clients, and views this capability
as critical for an international law firm.
Clifford Chance was the
highest-ranked European law firm by Japanese corporate legal
departments in a December 2013
Nihon Keizai Shimbun survey.
Like other firms in the Magic Circle, the firm lost significant
revenue during the late-2000s recession , with its profit dropping by
33.4% in the 2008-9 financial year. As part of cost cutting in
response to the recession, in 2009
Clifford Chance announced plans to
lay off 80 lawyers and 115 support staff in London. In addition, the
firm accepted the redundancy applications of 50 fee earners in London
over and above the initial 80 lawyers.
In 2011 the firm moved back office tasks to its 350-employee Global
Shared Service Centre, including a 60-employee Knowledge Centre in New
Delhi , India as an efficiency measure.
In May 2011,
Clifford Chance opened offices in Australia by merging
with two M&A boutique law firms ,
Sydney -based Chang, Pistilli
compared to £1.12 million at Allen and Overy; £1.39 million at
Linklaters; and £1.48 million at Freshfields.
In 2016, the Legal 500 UK ranked the firm tier one in 31 categories,
more than any other law firm in the UK. In 2017, Chambers Global
awarded the firm more global tier one rankings than any other firm,
topping the Chambers Global Top 30 for the fourth consecutive year.
In October 2017,
The Lawyer wrote that although
Clifford Chance had
been trying to find a partner in China for close to twenty years, it
had still failed to find an alliance partner in the country.
In October 2017,
Clifford Chance hired a technology specialist from
Latham & Watkins .
MAIN PRACTICE AREAS
Clifford Chance's main practice areas are:
* Banking and finance
* Capital markets
* Corporate & M&A
* Litigation ">
* ^ A B "About us". Clifford Chance. Retrieved 25 August 2013.
* ^ "How we manage our firm". Clifford Chance. Retrieved 18 October
* ^ "The 2012 Global 100: A World of Change". The American Lawyer.
Retrieved 25 August 2013.
* ^ "
Clifford Chance announces its results for
the year ended 30 April 2017: Client-driven strategy delivers growing
momentum and the firm\'s strongest performance yet".
www.cliffordchance.com. Retrieved 2017-09-13.
* ^ "LEAGUE TABLES: Morgan Stanley and JPMorgan Tie for First for
2015". Sovereign Wealth Fund Institute. 2016-01-28.
* ^ See J Slinn, Clifford Chance: Its origins and development
(1993), partially summarised by A brief history of Clifford Chance
* ^ Fennel, Edward (30 January 2007). "Driving ambition of mega CC
- Why the merger of Coward Chance and Clifford Turner changed the way
City firms work". The Times. London: News Corporation. Retrieved
* ^ Dillon, Karen (May 1993), "The British Empire Strikes Back",
American Lawyer: 52–56
* ^ Eric Young, "Giant UK firm to quit West Coast", San Francisco
Business Times, 2 May 2007.
* ^ Brennan, Tom (15 July 2013). "Foreign Firms Stumble Going Local
in Japan". The Asian Lawyer. Retrieved 18 July 2013.
Nihon Keizai Shimbun. 16 December 2013. Retrieved 16 December 2013.
* ^ A B
* ^ Mark Ford (Director of the
Clifford Chance Knowledge Centre):
Clifford Chance's knowledge centre in India: the story so far,
Practical Law Company, 28 April 2011,
* ^ "
Clifford Chance Merges With Two Law Firms to Open in
Australia". Bloomberg. 16 February 2011. Retrieved 7 October 2011.
* ^ Ring, Suzi (16 February 2011). "CC makes Australia debut with
local mergers as Asia growth gathers pace". Legal Week.
* ^ "Clifford Chance". cliffordchance.com.
* ^ "City of
London spending and income: where does the money come
from, and where does it go?". Guardian. 1 November 2011.
* ^ "
Clifford Chance United Kingdom". www.cliffordchance.com.
* ^ "Global Comparison Table - Chambers and Partners".
www.chambersandpartners.com. Retrieved 2017-09-13.
* ^ "
Clifford Chance may be targeting China, but an alliance
remains elusive", The Lawyer, Alex Taylor, October 26, 2017
* ^ "Latham SG tech partner to join CC", Asian Legal Business, Raj
Gunashekar, October 13, 2017
* Scott, John (1980). Clifford-Turner. Legibus.
* Slinn, Judy (1993). Clifford Chance: Its Origins and Development.
* Bose, Mihir, 'Clifford Chance: A Very Peculiar Practice?',
Director, March 1990, pp. 65–66, 68, 70.
* 'Playing for Stakes: The Game of Clifford Chance', Legal Business,
June 1993, pp. 28–31.
London Braces for the Big Six Invasion', American Lawyer,
December 1996, pp. 5–6.
* Rose, Craig, 'Clifford Chance: The Merger That Worked', Commercial
Lawyer, Issue 15, 1997, pp. 32–34.
* Morris, John E., 'The New World Order', American Lawyer, August
1999, pp. 92–99.
* 'Merger in the First Degree: British Law Firms Are Forging New
Relationships That Could Transform the Style of Global Legal
Practice', Time International, 9 August 1999, p. 41.
* Steinberger, Mike, 'Is Clifford Chance/Rogers ">Coordinates :
51°30′10″N 0°01′01″W / 51.5027°N 0.017°W /
Clifford Chance LLP
Clifford Chance rankings in Chambers