Turning the juggernaut – the challenges ahead for CC's new managing partner
It would be hard to imagine the incoming global managing partner of Clifford Chance (CC) facing a more different landscape than his predecessor did eight years ago. Matthew Layton, who takes up the reins at the Canary Wharf behemoth in May, will lead a firm that has several challenges to overcome if it is to usher in a period of growth and change. But the scene the firm's current corporate chief surveys is nothing like that which confronted the outgoing doyen of CC, David Childs, a year after his election in 2006. The pivotal challenge for CC now seems to be maintaining its position as a leading firm in the transatlantic race. Although the firm has indicated that the year ahead will show improved profit and revenue results, the question remains as to whether profitability will grow enough to catch up with its magic circle rivals and fend off the threat of the City's increasingly bullish US contingent – and if it can do so without losing a culture widely regarded as less cut-throat than at some of its competitors.
Consistently underperforming its magic circle rivals on profitability and with the US question still looming large, Pui-Guan Man looks at the challenges Clifford Chance’s incoming managing partner faces
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