the first major non-US firm to practice US law. In 1999, Clifford Chance merged with Frankfurt-based law firm Pünder, Volhard, Weber & Axster and with the 1871-established US-based firm Rogers & Wells (the use of the Pünder, Volhard, Weber & Axster and Rogers & Wells branding for their respective European and United States regional offices was discontinued in 2003). In 2002, Clifford Chance launched in California, setting up a branch with nearly 50 attorneys from the disbanding dot-com firm Brobeck, Phleger & Harrison in Los Angeles, Palo Alto, San Diego and San Francisco. With California's downturn, the firm closed its Pacific Coast operations in 2007. Clifford Chance was one of several international law firms that developed local law practices in Japan following the easing of restrictions on foreign law firms in 2005. Although its Magic Circle competitors Allen & Overy and Linklaters significantly downsized this segment of their practice following the 2008 financial crisis, the Tokyo office of Clifford Chance maintains a local law practice, even handling local matters for Japanese clients, and views this capability as critical for an international law firm. Clifford Chance was the highest-ranked European law firm by Japanese corporate legal departments in a December 2013 Nihon Keizai Shimbun survey. Like other firms in the Magic Circle, the firm lost significant revenue during the late-2000s recession, with its profit dropping by 33.4% in the 2008-9 financial year. As part of cost cutting in response to the recession, in 2009 Clifford Chance announced plans to lay off 80 lawyers and 115 support staff in London. In addition, the firm accepted the redundancy applications of 50 fee earners in London over and above the initial 80 lawyers. In 2011, the firm moved back office tasks to its 350-employee Global Shared Service Centre, including a 60-employee Knowledge Centre in New Delhi, India as an efficiency measure. In May 2011, Clifford Chance opened offices in Australia by merging with two M&A boutique law firms, Sydney-based Chang, Pistilli & Simmons and Perth-based Cochrane Lishman Carson Luscombe. In February 2012, Clifford Chance opened a new office in Casablanca, giving the firm's Africa practice its first permanent on the ground presence in the continent. In July 2012, Clifford Chance became the first UK firm to receive permission from South Korea's Ministry of Justice to open an office in the country. In November 2011 it was identified as the largest supplier to the City