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'''Clifford Chance LLP''' is a [[Multinational corporation|multinational]] [[law firm]] headquartered in [[London]], United Kingdom, and a member of the "[[Magic Circle (law)|Magic Circle]]" of leading British law firms. It is one of the ten largest law firms in the world measured both by number of lawyers and revenue.<ref>{{cite news|url=http://www.americanlawyer.com/PubArticleTAL.jsp?id=1202471809600|title=The 2012 Global 100: A World of Change|accessdate=25 August 2013|publisher=The American Lawyer}}</ref> In 2016/17, Clifford Chance had total revenues of £1.54 billion, the highest of any firm in the Magic Circle, and record profits per equity partner of £1.375 million.<ref>{{Cite web|url=https://www.cliffordchance.com/news/news/2017/07/clifford-chance-announces-its-results-for-the-year-ended-30-apri.html|title=Clifford Chance {{!}} Clifford Chance announces its results for the year ended 30 April 2017: Client-driven strategy delivers growing momentum and the firm's strongest performance yet|website=www.cliffordchance.com|language=en|access-date=2017-09-13}}</ref> According to SWFI, Clifford Chance tied for 1st place for calendar year 2015 regarding legal advising for public institutional investor deals.<ref>{{cite web|url = http://www.swfinstitute.org/swf-article/league-tables-morgan-stanley-and-jpmorgan-tie-for-first-for-2015/|title = LEAGUE TABLES: Morgan Stanley and JPMorgan Tie for First for 2015|publisher = Sovereign Wealth Fund Institute|date = 2016-01-28}}</ref> Clifford Chance was formed in 1987 by the merger of two London-based law firms, Clifford Turner and Coward Chance. In 1999 it merged with the Frankfurt-based firm Pünder, Volhard, Weber & Axster and the New York-based firm [[Rogers & Wells]]. ==History== [[File:10 Upper Bank Street London.jpg|thumb|left|[[10 Upper Bank Street]], Clifford Chance's headquarters in Canary Wharf, London]] Clifford Chance was formed by the merger of two London-based law firms. The first was Coward Chance, which derived from a firm established in 1802 by Anthony Brown, a [[fishmonger]]'s son. Brown's firm became embroiled in the [[Panic of 1825]], caused by speculation in South American investments, including the non-existent country of Poyais, invented by Scottish soldier [[Gregor MacGregor]]. One of the firm's longest clients was [[Cecil Rhodes]]. The firm advised him on his diamond mining business in South Africa, administered his estate after his death and helped set up the [[Rhodes Scholarship]]s. Another client was [[Guglielmo Marconi]]. It also helped [[Midland Bank]] recover assets in Russia after the 1917 revolution, and advised the state government of Hyderabad on the preparation for [[Partition of India|Indian independence]]. The second firm was Clifford Turner, founded in 1900, with offices on [[Gresham Street]], EC2. Its clients included [[Dunlop Rubber|Dunlop Rubber Company]] and [[Imperial Airways]]. In 1929, Clifford Turner advised and witnessed the creation of [[John Lewis Partnership]]. After the Second World War it advised the Labour government on the nationalisation of several privately owned industries. It opened offices in Paris in 1961, Amsterdam in 1972 and [[New York City|New York]] in 1986.<ref>See J Slinn, ''Clifford Chance: Its origins and development'' (1993), partially summarised by [http://www.chambersstudent.co.uk/Law/WebExtras/83#AbriefhistoryofCliffordChance A brief history of Clifford Chance]</ref> The merger of Clifford Turner and Coward Chance in 1987 led to the formation of Clifford Chance. Neither Clifford Turner nor Coward Chance were first-rank London law firms, but their merger has since been said to have changed the shape and profile of law firms in London and globally.<ref>{{cite news | first=Edward | last = Fennel | url=http://business.timesonline.co.uk/tol/business/law/corporate_law/article1296205.ece | title = Driving ambition of mega CC - Why the merger of Coward Chance and Clifford Turner changed the way City firms work | work=The Times | publisher=News Corporation | accessdate = 2007-11-18 | location=London | date=30 January 2007}}</ref> Over the next decade the firm expanded its practices across Europe and Asia and more than doubled in size. In 1992 Clifford Chance became the first major non-US firm to practice US law.<ref>{{Citation |last=Dillon |first=Karen |year=May 1993|title=The British Empire Strikes Back |journal=American Lawyer |volume= |issue= |pages=52–56 |url= |issn= }}</ref> In 1999 Clifford Chance merged with Frankfurt-based law firm Pünder, Volhard, Weber & Axster and with the 1871-established US-based firm [[Rogers & Wells]] (the use of the Pünder, Volhard, Weber & Axster and Rogers & Wells branding for their respective European and United States regional offices was discontinued in 2003). In 2002, Clifford Chance launched in [[California]], setting up a branch with nearly 50 attorneys from the disbanding dot-com firm [[Brobeck, Phleger & Harrison]] in [[Los Angeles]], [[Palo Alto, California|Palo Alto]], [[San Diego]] and [[San Francisco]]. With California's downturn, the firm closed its Pacific Coast operations in 2007.<ref>Eric Young, "Giant UK firm to quit West Coast", ''San Francisco Business Times,'' 2 May 2007. http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2007/03/05/story8.html</ref> Clifford Chance was one of several international law firms that developed local law practices in [[Japan]] following the easing of restrictions on foreign law firms in 2005. Although its Magic Circle competitors [[Allen & Overy]] and [[Linklaters]] significantly downsized this segment of their practice following the [[2008 financial crisis]], the [[Tokyo]] office of Clifford Chance maintains a local law practice, even handling local matters for Japanese clients, and views this capability as critical for an international law firm.<ref>{{cite news|last=Brennan|first=Tom|title=Foreign Firms Stumble Going Local in Japan|url=http://www.americanlawyer.com/PubArticleAL.jsp?id=1202610878523&thepage=1|accessdate=18 July 2013|newspaper=The Asian Lawyer|date=15 July 2013}}</ref> Clifford Chance was the highest-ranked European law firm by Japanese corporate legal departments in a December 2013 ''[[Nihon Keizai Shimbun]]'' survey.<ref>{{cite news|title=企業が選ぶ弁護士ランキング 企業法務1位は中村氏|url=http://www.nikkei.com/article/DGXNASFP09007_Q3A211C1000000/?df=3|accessdate=16 December 2013|newspaper=Nihon Keizai Shimbun|date=16 December 2013}}</ref> Like other firms in the Magic Circle, the firm lost significant revenue during the [[late-2000s recession]], with its profit dropping by 33.4% in the 2008-9 financial year.<ref name=FinancialsDecade>http://www.thelawyer.com/analysis/behind-the-law/2013/14-financials-a-decade-in-figures-at-the-magic-circle/3022911.article</ref> As part of cost cutting in response to the recession, in 2009 Clifford Chance announced plans to lay off 80 lawyers and 115 support staff in London.<ref>http://www.thelawyer.com/clifford-chance-to-cut-115-london-support-staff-jobs/136978.article</ref> In addition, the firm accepted the redundancy applications of 50 fee earners in London over and above the initial 80 lawyers.<ref>http://www.thelawyer.com/fifty-take-voluntary-redundancy-at-clifford-chance/136827.article</ref> In 2011 the firm moved back office tasks to its 350-employee Global Shared Service Centre, including a 60-employee Knowledge Centre in [[New Delhi]], India as an efficiency measure.<ref>Mark Ford (Director of the Clifford Chance Knowledge Centre): Clifford Chance's knowledge centre in India: the story so far, ''Practical Law Company'', 28 April 2011, http://plc.practicallaw.com/8-505-7501</ref> In May 2011, Clifford Chance opened offices in Australia by merging with two [[Merger and acquisition|M&A]] [[boutique law firm]]s, [[Sydney]]-based Chang, Pistilli & Simmons and [[Perth, Western Australia|Perth]]-based Cochrane Lishman Carson Luscombe.<ref>{{cite news |work=Bloomberg |date=16 February 2011 |url=https://www.bloomberg.com/news/2011-02-16/clifford-chance-to-open-sydney-perth-law-offices-double-asian-revenues.html |title=Clifford Chance Merges With Two Law Firms to Open in Australia |accessdate=7 October 2011 }}</ref><ref>{{cite news |url=http://www.legalweek.com/legal-week/news/2026577/cc-makes-australia-debut-local-mergers-asia-growth-gathers-pace |title=CC makes Australia debut with local mergers as Asia growth gathers pace |first=Suzi |last=Ring |date=16 February 2011 |work=Legal Week }}</ref> In February 2012, Clifford Chance opened a new office in Casablanca, giving the firm's Africa practice its first permanent on the ground presence in the continent.<ref>{{cite web|url=http://www.cliffordchance.com/news/news/2012/02/clifford_chance_opensitsofficeincasablanca.html|title=Clifford Chance|work=cliffordchance.com}}</ref> In July 2012, Clifford Chance became the first UK firm to receive permission from South Korea’s Ministry of Justice to open an office in the country.<ref>http://www.thelawyer.com/clifford-chance-sheppard-mullin-and-ropes-gain-seoul-approval/1013471.article</ref> In November 2011 it was identified as the largest supplier to the City of London Corporation, having received over £9m in fees from the corporation between January and September of that year.<ref>{{cite news |title=City of London spending and income: where does the money come from, and where does it go? |newspaper=Guardian |date=1 November 2011 |url=https://www.theguardian.com/news/datablog/2011/nov/01/city-london-spending-income }}</ref> In 2012, a further 13 lawyers were laid off in London.<ref>http://www.thelawyer.com/news/people/cuts-and-redundancies/clifford-chance-to-cut-city-associates-in-response-to-low-nq-attrition/1011925.article</ref> Profit per equity partner for 2014 for the firm was £1.14 million; compared to £1.12 million at Allen and Overy; £1.39 million at Linklaters; and £1.48 million at Freshfields.<ref name=FinancialsDecade/> In 2016, the Legal 500 UK ranked the firm tier one in 31 categories, more than any other law firm in the UK.<ref>{{Cite web|url=https://www.cliffordchance.com/people_and_places/places/europe/united_kingdom.html|title=Clifford Chance {{!}} United Kingdom|website=www.cliffordchance.com|language=en|access-date=2017-09-13}}</ref> In 2017, Chambers Global awarded the firm more global tier one rankings than any other firm, topping the Chambers Global Top 30 for the fourth consecutive year.<ref>{{Cite web|url=https://www.chambersandpartners.com/global-comparisontable|title=Global Comparison Table - Chambers and Partners|website=www.chambersandpartners.com|language=en-gb|access-date=2017-09-13}}</ref> ==Main practice areas== Clifford Chance's main practice areas are: * Banking and finance * Capital markets * Corporate & M&A * Litigation & Dispute resolution * Real estate * Tax, pensions and employment ==References== {{Reflist}} ==Further reading== *Scott, John (1980). ''Clifford-Turner''. Legibus. *Slinn, Judy (1993). ''Clifford Chance: Its Origins and Development''. Granta Editions. *Bose, Mihir, 'Clifford Chance: A Very Peculiar Practice?', ''Director'', March 1990, pp. 65–66, 68, 70. *'Playing for Stakes: The Game of Clifford Chance', ''Legal Business'', June 1993, pp. 28–31. *'London Braces for the Big Six Invasion', ''American Lawyer'', December 1996, pp. 5–6. *Rose, Craig, 'Clifford Chance: The Merger That Worked', ''Commercial Lawyer'', Issue 15, 1997, pp. 32–34. *Morris, John E., 'The New World Order', ''American Lawyer'', August 1999, pp. 92–99. *'Merger in the First Degree: British Law Firms Are Forging New Relationships That Could Transform the Style of Global Legal Practice', ''Time International'', 9 August 1999, p. 41. *Steinberger, Mike, 'Is Clifford Chance/Rogers & Wells the Next Wave, or Simply Overkill?', ''Investment Dealers' Digest'', 9 August 1999, pp. 12–13. ==External links== *[http://www.cliffordchance.com/home.html Clifford Chance LLP] *Clifford Chance rankings in [http://www.chambersandpartners.com/Global/Firms/83-34953 Chambers Global], [http://www.chambersandpartners.com/UK/Firms/83-34245 Chambers UK] and [http://www.chambersstudent.co.uk/Law/FirmFeature/83 Chambers Student Guide] *[http://www.legalweek.com/legal-week/wiki/1171487/clifford-chance Profile of Clifford Chance] and [http://www.legalweek.com/Navigation/18/LawFirms/296/Clifford+Chance.html News articles about Clifford Chance] on Legal Week