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 2013/14
Clifford Chance had total revenues of £1.36 billion, the highest of
any firm in the Magic Circle in that year, and profits per equity
partner of £1.14 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.
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
* ^ _A_ _B_ _C_ "
The Lawyer UK 200 Preview: Come on, united". _The
Lawyer_. 12 August 2013. Retrieved 25 August 2013.
* ^ "The 2012 Global 100: A World of Change". The American Lawyer.
Retrieved 25 August 2013.
* ^ "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