CC LLP accounts show net cash surging past £70m
Clifford Chance (CC) built up more than £40m in additional cash reserves during its last financial year in a move set to bolster its position ahead of the expected slump in Western economies.The magic circle firm's first limited liability partnership (LLP) filings show it had built up net cash of £71.8m at the end of its 2007-08 year, up from £28.2m on 30 April 2007. The firm's total cash at the bank and in hand rose from £91.4m to £149.1m over the 12-month period.The firm attributed the sharp rise in its available cash to the rise in its core profits. Total pre-tax profits at the firm rose from £428m in 2007 to £482.9m, while profits after tax allocated for distribution to partners rose from £352.1m to £425m.The firm's balance sheet was also boosted by the £5.75m sale of its stake in employment advisory firm New Bridge Street Consultants. CC, which set up New Bridge over two decades ago, sold its 25% stake to US-based Hewitt Associates in April.According to the accounts, the combined revenue for the London-based firm's UK and Middle East practices over the year stood at £562.7m, while its continental European practice generated £494m worth of business, up from £424m.The firm's US practice in New York and Washington DC brought in £171.8m over the year, up from £166m in 2007, while the Asian practice contributed the smallest slice of revenue to the business after posting a turnover of £100.6m, up from £83.1m.Over the year CC grew its associate numbers 8% from 2,436 to 2,633, while trainee numbers have rose to 571 from 505. Of the firm's 613 partners globally, 395 are in the equity.CC converted to an LLP in 2006, making it the second magic circle firm to do so after Allen & Overy.
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