Clifford Chance (CC) has broken the £1m average profits per equity partner (PEP) barrier for the first time, after the magic circle firm announced its end-of-year results today (29 May).

PEP was up by a quarter (25%) from £814,000 in 2005-06 to a new mark of £1,015,000. Revenue at the City giant is up by 16%, from £1.029bn to £1.194bn.