Freshfields overtakes CC with turnover of £1.29bn
Freshfields Bruckhaus Deringer has trumped Clifford Chance in turnover terms, posting revenue of £1.29bn for the 2008-09 financial year.
This represents an increase of nine per cent from £1.18bn in 2007-08, although it would have amounted to a two per cent fall when exchange rate movements were factored in.
As reported by TheLawyer.com yesterday, Clifford Chance's turnover dropped by 5 per cent from £1.33bn to £1.26bn in the last financial year (1 July 2009).
As Freshields' average profit per equity partner (PEP) figure remained steady at £1.44m, the firm's PEP is now roughly double that of Clifford Chance's, which now stands at £733,000.
Chief executive Ted Burke (pictured) said that turnover had been significantly enhanced by exchange rates - some 60 per cent of the firm's revenue is in euros or dollars.
He added: "We're fortunate to have come through a challenging year in relatively good shape, thanks to a large number of restructuring and other complex mandates.
"We expect that this financial year will be more difficult for us, at least from a financial perspective. Our focus will continue to be on helping our clients through this difficult period."
Freshfields' income has been boosted by a number of major instructions during the economic downturn.
The firm has represented the Bank of England throughout the economic crisis, as well as winning mandates on the administration of Woolworths and a number of high-profile rights issues.