Firm Profiles- Clifford Chance

An introduction:

If you’re reading this article, the odds are that you will have heard of Clifford Chance. A member of London’s “Magic Circle”, the firm’s name carries considerable weight in the legal world. It ranks as one of the top ten largest law firms in the world measured both by the number of lawyers and revenue, and each of these lawyers will have a world of exit opportunities opened for them. As of 2020 Clifford Chance secured the most European M&A mandates, becoming the most popular adviser to top-tier private equity clients in the continent.

Clifford Chance is a corporate colossus, with an incredible covenant of good remuneration, excellent perks, and headline-making deals on offer for the exchange of (possibly) crushing hours. Nonetheless, the firm prides itself on its culture- with the firm typically known to be the “friendliest” of the big 5. Indeed, this has trickled over to its graduate recruitment schemes, with ACCESS, SPARK, PRIME, and IGNITE showing a commitment to a friendly culture and technological innovation.

Located in London’s Canary Wharf, nestled amongst the buildings of various financial corporations, Clifford Chance’s office is one of the immense wonders, featuring a swimming pool, in-house restaurant, and many other great amenities.

Facts about the firm:

• The firm has 34 offices across 23 countries, including locations in Newcastle, Casablanca, and New Delhi. Clifford Chance’s global network is one of incredible stature.
• In 2020, it was named International Law Firm of the Year at the International Financial Law Review (IFLR) Europe Awards, part of the Euromoney group.
• In 2019-20, Clifford Chance had total revenue of £1.803 billion ($2.5 billion), the highest of any firm in the Magic Circle, and profits per equity partner of £1.69 million.
• Equally, the firm’s pay is the best in the Magic Circle! First-year trainees earn £50k, second years earn £55k, and newly qualified lawyers can expect £100k, with a sizeable bonus on top. While junior pay is uniform across the Magic Circle, Clifford Chance reportedly pays their associates far more than the other 4 at later stages.
• The firm is notable for recruiting the majority of its trainees from the first-year SPARK scheme. The scheme blends classroom learning with on-the-job experience.
• A whooping 95 training contracts are given by Clifford Chance each year. The size of the intakes can partially be explained by Clifford Chance’s high level of attrition from 3PQE onwards.

Key practice areas:

As a Magic Circle firm, Clifford Chance holds a wonderful pre-eminence in almost every area of commercial law imaginable. The firm truly dominates legal directories with its strengths. Keyseat options include:
capital markets; corporate M&A; private equity; financial institutions; funds; TMT; structure and asset-backed real estate; banking; asset/project finance; restructuring; regulatory/derivatives; litigation & dispute resolution; tax; pensions; employment/incentives; real estate; public policy.

Notable recent deals/cases:

• A cross-border team has advised Avolon, the international aircraft leasing company, concerning its ground-breaking aircraft order with Vertical Aerospace Ltd. (Vertical), an electric vertical take-off and landing aircraft (eVTOL) manufacturer, to create the largest VTOL order in history.
• Clifford Chance advises Lloyd’s on the establishment of the ground-breaking insurance-linked securities platform approved by the PRA. It is the first UK ILS structure that has been approved by the PRA for use for multiple, market-wide transactions for Lloyd’s members and will establish a market standard and efficient mechanism for existing and new investors to participate at Lloyd’s for years to come.
• Clifford Chance advised Goldman Sachs on the launch of SIGMA X Europe MTF™ in Paris.
• Clifford Chance advised the joint bookrunners on GTC’s EUR 500 million debuts green bond issue.
• Clifford Chance advised THG on its option and collaboration agreement with SB Management, a subsidiary of SoftBank Group Corp., for a $1.6bn investment opportunity in THG Ingenuity.

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