‘Magic circle’ law firm Clifford Chance rules out merger as it focuses on ‘steady and confident growth’ in the US

One of London’s ‘magic circle’ law firms has ruled out following a major rival in pursuing a merger.

Clifford Chance said it was focused on ‘steady and confident growth’ in its US business.

It distanced itself from taking the same approach as Allen & Overy, which announced plans for a £3.4buillion merger with the US law firm Shearman & Sterling in May.

Charles Adams, global managing partner, said: ‘We are not pursuing a deal and are still confident the right strategy is the one that we’re pursuing.’

He cited a new office in Houston, Texas, as an example, as Clifford Chance reported more than £2billion of revenue for the first time. 

In the 12 months to the end of April it was 5 per cent higher than the £1.97billion it generated the year before.

But profit slid £2million to £781million while partners’ pay on average dipped slightly to £2m from £2.04million.

Allen & Overy, which last week reported revenues of more than £2billion for the first time, said its top lawyers took a pay cut of £130,000 as average salaries fell to £1.82million from £1.95million.