Clifford Chance, the London-based law firm, disclosed a plunge in profits this week as it absorbed the cost of a radical shake-up that will lead to about 100 partners losing their jobs.

It also lost its spot as the world's biggest law firm by revenue as turnover slid by 5% to £1.26bn, says a report in The Times. The firm blamed the impact of the financial crisis on big clients, including Barclays and Citigroup - which undertook fewer deals - for the 37% slump in profits, from £1.15m per equity partner in 2007-08 to £733 000 for the 12 months to April 30. Skadden, Arps, Slate, Meagher & Flom, the Wall Street firm, which billed $2.2bn (£1.3bn) in 2008, is expected to claim the top spot. Clifford Chance is also likely to be overtaken in the rankings by Freshfields Bruckhaus Deringer and Linklaters, two British rivals, which will announce their full-year results in the next two weeks.
Full report in The Times