As reported on legalweek.com (29 May), PEP at the world’s largest firm soared 25% from £814,000 in 2005-06 to a new mark of £1.015m, while fee income jumped 16% to £1.194bn.
CC managing partner David Childs told Legal Week the firm’s
He said: “The
The PEP figure puts CC alongside an elite group of Wall Street firms to hit or exceed the $2m (£1m) mark and hands the firm significant buying power as it seeks to expand its
The firm also modified its lockstep in 2005 to allow it to hire partners above its normal lockstep range, although there are currently no partners on this level.
Outside the
Childs added that the size of the firm’s corporate mandates had increased, with notable deals including a role advising Barclays on its £80bn merger bid with ABN Amro and KKR on its £11bn takeover of Alliance Boots.
The figures, which were announced on Tuesday (29 May), remain subject to an audit and will be finalised in July.
CC is the first magic circle firm to reveal its results, although its rivals are widely expected to showcase similarly robust growth following a bumper year for European transactional work.
