CMS moves into Monaco market via tie-up with local firm

CMS has launched in Monaco via a tie-up with a local firm.

Monaco firm Pasquier Ciulla & Marquet (PCM) Avocats – which has 14 lawyers, including three partners – has joined the CMS network, and will now trade as CMS Pasquier Ciulla & Marquet.

According to CMS, this deal marks the first time that a full-service Monaco law firm has joined forces with an international firm.

CMS executive chairman Cornelius Brandi said: “With PCM Avocats, we are now able to provide a full-service legal offering to our clients looking to do business in Monaco. Additionally, the city-state is very outward-looking with a high number of investors based there who operate internationally.”

Other firms to have launched offices in Monaco in recent years include Norton Rose Fulbright, which opened an office in the principality earlier this year, and Hill Dickinson and Ince & Co, which moved into the market in 2013 and 2011 respectively. In addition, Gowling WLG has a base there as a result of legacy firm Lawrence Graham’s acquisition of Eversheds’ local office in 2003.

The deal represents the first international expansion for CMS since its three-way UK merger with Nabarro and Olswang went live on 1 May this year.

Earlier this year, CMS also expanded in Latin America, with three local firms joining its network – Carey & Allende in Chile, GRAU Abogados in Peru and Rodriguez Azuero Contexto Legal Abogados in Colombia.

Last month, the firm posted a 1% dip in global revenue for 2016, after taking in €999m during the calendar year.