Clifford chance may still be the world's biggest law firm in terms of both turnover-£950m ($1.7 billion) in 2003-04-and the number of lawyers employed (2,945). But measured by average profits per equity partner (PEP), the struggling London-based firm ranks a mere 14th in the "global elite", according to Legal Business, a British trade magazine. Its estimated PEP last year (as private partnerships, law firms never publish their results) was £558,000, down by nearly 13% compared with the previous year. This is less than half of the estimated profits per partner of each of the four New York firms that sit at the top of the list.
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