Camerons posts 13% decrease in fee income at half-year point

CMS Cameron McKenna has joined the growing number of City law firm posting a decrease in half-year revenues, with fee income falling by 13%.

Camerons billed £95.3m for the first half of the 2009-10 financial year, having posted double-digit growth for the equivalent period in 2008-09.

Managing partner Duncan Weston (pictured) said in an email to the firm that the drop had been anticipated since the second half of last year, when Camerons introduced measures such as flexible working to better manage its cost base.

He added: "Although it is likely that the rest of the 2009-10 financial year will continue to be challenging for everyone, there are signs that things are picking up in parts of our business. Although market conditions remain tough, we are pleased to see activity levels gradually stabilising after showing a drop in the early months."

"It is also worth noting that we have had a significant number of client wins in the past few months - not least the wonderful success of securing a role on the BT panel, which we expect to start delivering work in the second half of this financial year."

Weston also pointed to an 8% increase in revenues taken in by the firm's dispute resolution practice, and pointed to a better picture for Camerons' CMS alliance firms, including German firm CMS Hasche Sigle, which is set to post a 10% revenue increase for its 2009 calendar year-tied financial year.

CMS Cameron McKenna on the Legal Week Wiki