Clifford Chance (CC) chief operating officer (COO) David Childs has pledged to continue his cost-cutting drive following his appointment as the magic circle giant’s global managing partner last week.

Childs, who will replace Peter Cornell as managing partner on 1 May for a four-year term, told Legal Week he believed there were more costs to be taken out of the business. He added that he would be appointing a partner to oversee the financial affairs of the firm as part of the process.