denotes premium content | Sep 2 2010 
News
posted 24 Jun 2009
CMS Cameron McKenna sees ‘reasonable results’
CMS CAMERON McKenna has announced an increase in turnover from £235m to £240m for the financial year to 30 April 2009.
However, the two per cent increase has been accompanied by a 14 per cent drop in profits, from £84m to £72m. This leaves average profit per equity partner (PEP) at £554,000.
Managing partner Duncan Weston said the results were “very reasonable” in the context of the global recession, adding it was “no surprise that profits are down”.
“We enter the new financial year knowing it will be very tough for all of us, but also confident we are well positioned to meet the challenge,” he said.
The firm also revealed that total cash collection for the year had increased by nine per cent, and referral of business between firms in the CMS European network was up by an average 45 per cent.
“One year on from CMS convergence, we are seeing considerable benefits from this closer alignment,” Weston said.
Other firms to have reported their provisional financial results include Lovells, where PEP fell approximately 11 per cent, from an average £661,000 to £585,000.
However, revenue at the international law firm increased by 11 per cent, hitting £531m, partly as a result of the weaker pound.
Managing partner David Harris said: “Given the extraordinary market changes we have seen, we consider our performance to be a pretty respectable result.
“Our international reach and the breadth of our practice create a balance to the firm, enabling us to perform reasonably well in difficult market conditions.”
