Having drifted along for ages in a low-key manner, CMS Cameron McKenna is in serious danger of becoming interesting. After all, the drama of the difficult merger that created it 10 years ago and the 1999 launch of the CMS alliance was followed by a good six years of steady, unspectacular steadiness.
And while the firm had plenty to commend it, boasting a quality client base and respected practice areas, even its strongest champions would have said growth was too pedestrian, profits had not quite kept pace with its peers and corporate and banking had not fulfilled their potential.
But it has been clear for the last 12 months that a more proactive mood has swept the firm since the symbolic decision to reintroduce salaried partners in January 2007. The firm has also articled plans to transform CMS into something more meaningful. The shorthand is the promising idea to fashion CMS as a Deloitte-style professional services network, boasting wide European coverage under a common brand and service standards, even if the underlying firms remain separate.
Perhaps as significant was last year’s appointment of Central & Eastern Europe head Duncan Weston as its new managing partner. As has been noted, Weston cuts a more charismatic figure than the down-to-earth style we’ve come to expect from Camerons ambassadors. He also talks a good game, and a large chunk of the partnership is prepared to listen. With Camerons currently on course for its best financial performance in years, confidence is understandably much improved.
But as Camerons seeks to answer some of the strategic issues that have dogged the firm, it has often raised as many questions as it has resolved. What Camerons intends, or is able to, deliver with CMS is not clear, though it points to substantial increases in joint spending on CMS as evidence of its commitment.
Camerons has also appeared to rush the branding issue, despite some of its larger allies resisting moves to ditch their own brands. Yet clarity would be helpful here.
Considering CMS’ age and size, it could have done more to deliver in client terms. And, given Camerons’ client-centric approach, it must be galling to see Eversheds winning plaudits for Tyco-style pan-European mandates that should have been CMS’ bread and butter. Attention is also focused on Camerons’ plans in the City, where some believe the firm still harbours hopes for a substantial merger.
But however Camerons resolves these issues, the firm looks set to tackle such dilemmas in more robust terms than its staid reputation would have once suggested. Having overdosed on stability, that seems a positive development.
