UK Magic Circle firm Clifford Chance has reported record global revenue and profit for the financial year ending April, fuelled by a surge in US turnover.

Revenue increased 9% to £2.3bn – the biggest jump since 2017 – while partnership profit rose 10% to £856m. Profit per equity partner increased marginally to £2.04m, up from £2m in 2023. US revenue jumped 28%, delivering its best performance to date following a sustained period of investment in the world’s most lucrative legal market.

Clifford Chance’s positive performance mirrors similar stories from Magic Circle rivals Linklaters and pre-merger Allen & Overy, which both posted revenue and profit growth over the past financial year.

Charles Adams, Clifford Chance’s global managing partner, said: “In another year of very strong performance, our record profits have enabled us to make substantial investments in our global team and operations. These strategic investments are already yielding benefits for our clients and our firm and position us for long-term success.”

As well as the robust US showing, the firm’s strong performance was driven by significant revenue jumps in its global litigation and dispute resolution and regulatory investigations teams, which rose by 20% and now accounts for more than a fifth of the firm’s total income.

An increase in M&A and financing transactions advice also saw income for its corporate and global financial markets teams rise by high single digits. Clifford Chance advised on 224 M&A deals during 2023 worth $208bn.

Its tax, pensions and employment practice also performed well, as did its real estate team, which saw revenue grow 15% compared to a year ago.

The firm’s US growth has been supported by a string of lateral hires and its office opening in Houston last year. Over the past financial year, the firm has hired 19 partners in the US across its New York, Houston and Washington DC offices. It now has 115 partners in the US.

Adams said: “We are making great progress everywhere but fastest in the US. Our new Houston office is thriving and we have continued to make strategic hires in the US to further strengthen our global capabilities there. We are strongly positioned to continue profitable expansion in the US where it makes most sense for our clients and our firm.”

More broadly, the firm added 29 lawyers to its global partnership in its most recent promotions round, as well as adding 29 laterals across the firm during the 23/24 financial year, including the 19 in the US. A fifth of its newly promoted partners identify as under-represented minority ethnic in the UK and the US, while just over a third of this year’s partnership cohort are female (38%). The firm is seeking to have 40% female partners firmwide by 2030.