CMS breaks €1bn revenue mark with 8.4% rise for 2015

CMS has posted an 8.4% increase in global revenue for 2015, just breaking the €1bn mark.

The firm has reported turnover of €1.01bn, up from €934.5m in 2014.

Exchange rate changes mean that when converted to sterling, the firm’s revenue has dipped marginally from the £753m reported last year to £735.2m, prompting the firm to restate last year’s sterling revenue figure to £678.3m on a constant currency basis.

CMS did not disclose its global net profit, but said it was up 6.8% on last year’s figure, which was also undisclosed. The firm has not yet provided a breakdown of its UK results.

In 2014, CMS achieved an 11% increase in revenue against a 3.3% rise in net profit.

Its UK arm, CMS Cameron McKenna, contributed nearly a third of the combined firm’s 2014 revenue, with UK turnover jumping 37% to £219.7m. The result was partly boosted by a merger with Scottish firm Dundas & Wilson in May that year.

CMS Cameron McKenna senior partner Penelope Warne [pictured] said of the most recent year’s performance: “Although Brexit has presented some challenges and uncertainty in the UK market, we have maintained a strong and successful business.

“We continue to prioritise our clients and are seeing growth across our core sector and practice groups. We are positive about the year ahead.”

CMS is continuing to expand overseas, becoming the first international law firm to open an office in Iran in February this year. 

CMS has also added to its global partner headcount. The firm promoted 32 lawyers to partner in 2015, taking the total to more than 850.

Earlier this year, CMS UK elected the joint head of its Scottish practice Stephen Millar as the firm’s new UK managing partner.

Millar began his four-year term at the beginning of May 2016, when former post-holder Duncan Weston stepped down after two terms to assume a new role building relationships with potential new CMS member firms.