CMS highest-paid partner profits jump as firm reveals Latin America takeovers

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CMS Cameron McKenna’s highest-paid partner received profit share up 9 per cent last year, the firm’s LLP accounts have revealed.

The firm’s top earner picked up £860,000 over 2015/16, increasing from £788,000 the year before.

The growth came as the firm revealed a slight growth in turnover within the UK LLP group, which covers work undertaken in the UK, Warsaw, Prague, Bucharest, Kiev, Beijing and Rio de Janeiro.

Revenue increased slightly among the LLP offices from £259.2m to £263.3m – a 2 per cent increase. Despite a fall in UK revenue by nearly £500,000, turnover increased in CMS’s international group offices by £4m to £44.5m.

CMS’s total turnover – taking all offices into account – soared past the €1bn mark last June from €934.5m.

However net profit decreased by 4 per cent from £77.8m to £75m.

The LLP will be the last one to be compiled prior to CMS’s merger with Nabarro and Olswang, which goes live from the start of May.

Nabarro released its LLP accounts last November in which it revealed its pension deficit had reduced by more than a half from £31.9m to £12.2m.

CMS had 1,106 fee-earners as at April 2016, an increase of 19 across the year. The number of support staff also grew. Salaries increased alongside the headcount rise from £66,300 to £67,900.

Ahead of the merger go-live date, CMS has also acquired three firms in Latin America, adding to the firm’s existing base in Brazil and Mexico.

Chilean-headquartered Carey & Allende, Peru-based GRAU Abogados and Colombia’s Rodríguez Azuero Contexto Legal Abogados (Colombia) have all joined CMS’ network.

Global lawyer headcount will rise by 235 as a result of the acquisitions.

The post CMS highest-paid partner profits jump as firm reveals Latin America takeovers appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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