Clifford Chance
Clifford Chance, ranking third in The Lawyer UK 200, is known for its remarkable journey since its inception in 1987 from the merger of Clifford Turner and Coward Chance.
This union marked the first significant merger in the legal profession. Clifford Turner’s corporate focus and Coward Chance’s strength in finance created a formidable partnership, although initial internal clashes and operational challenges were evident until their consolidation in the iconic Aldersgate building, famously nicknamed “Gotham City.”
Under the leadership of Geoffrey Howe, Clifford Chance aggressively pursued international expansion, notably in Europe during the 1990s and later through a notable tripartite deal in 1999 with Germany’s Pünder Volhard and the U.S. firm Rogers & Wells. The U.S. integration, especially, faced significant challenges, particularly around compensation structures and key personnel.
In 2002, Clifford Chance expanded into the West Coast by acquiring 17 partners from Brobeck, led by Tower Snow. However, this expansion eventually downsized, refocusing on litigation. Tony Williams’ appointment as managing partner in 1997 marked a shift in internal dynamics, balancing between finance and corporate leadership roles. The firm’s move to Canary Wharf in 2003 was a groundbreaking decision, setting it apart from other major UK law firms.
David Childs’ tenure as chief operating officer and later as managing partner was characterized by cost-cutting measures and financial discipline, signaling a period of less aggressive expansion. The firm’s finance practice, a leader in the syndicated loan market, suffered during the 2008 financial crisis, leading to significant layoffs and challenges from U.S. firms poaching key teams.
Under Matthew Layton’s leadership, Clifford Chance aimed to pivot towards Asian markets, particularly China, exploring mergers and strategic alliances, though not all attempts were successful. The firm also expanded into Australia in 2011 and was an early adopter of outsourcing, establishing a knowledge center in India in 2007.
In a surprising turn in 2018, Clifford Chance elected Jeroen Ouwehand, based in Amsterdam, as the senior partner, signaling a strategic shift in anticipation of post-Brexit developments, diverging from expectations of electing former London head David Bickerton. This decision reflects Clifford Chance’s adaptive strategy and global positioning.
