UK Record Week: Clifford Chance and Linklaters
Clifford Chance reported revenue of £2.6bn (+9%), partnership profit of £1.05bn (+11%), and PEP of £2.3M (+9%) — its first-ever £1bn+ profit year. Since FY23, the firm has added £638M in revenue and £295M in profit, including a 65% increase in US revenue. Linklaters followed on July 21: revenue £2.47bn (+6.8%), pre-tax profit £1.2bn (+11.6%), PEP £2.48M (+11.4%), marking a third consecutive year o
BY FRONTIER DESK · JULY 23, 2026 · 1 MIN READ
Clifford Chance reported revenue of £2.6bn (+9%), partnership profit of £1.05bn (+11%), and PEP of £2.3M (+9%) — its first-ever £1bn+ profit year. Since FY23, the firm has added £638M in revenue and £295M in profit, including a 65% increase in US revenue. Linklaters followed on July 21: revenue £2.47bn (+6.8%), pre-tax profit £1.2bn (+11.6%), PEP £2.48M (+11.4%), marking a third consecutive year of double-digit profit growth. Linklaters' US profit grew 39%, with US profits quadrupled over four years. Wells Fargo Legal Specialty Group data shows large US law firms grew revenues 12.6% on average in 2025. Both firms are deploying AI at scale — yet neither has reduced billing rates. The market is answering the AI dividend question through continued rate growth.