The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
CMS has announced its financial results for the year to 31 December 2013 and revealed flat global revenue flat, rising by 0.5 per cent from €837.7m (£711.5m) to €842.1m (£715.2m).
CMS said net profit had risen by 3.3 per cent but refused to divulge a financial amount. Partner headcount grew by 31, including eight lateral hires.
Cornelius Brandi, the executive chairman of CMS, said in a statement that 2013 had been a “particularly good year” for CMS.
“Despite the global economic situation, we managed to increase our revenue and our profitability,” added Brandi.
Last year saw significant expansion in CMS’s office network, with growth in the UK, Turkey, Switzerland and Mexico.
Brandi pointed to the new office in Istanbul (7 November 2013) which, he said, had “proved successful” in its first six months of existence, as well as the co-operation agreement signed with energy specialist Woodhouse Lorente Ludlow in Mexico.
At the end of last year CMS also agreed mergers with UK firm Dundas & Wilson (12 December 2013) and ZPG Avocats, a firm in French-speaking Switzerland.
“All of these are constructive developments that show CMS as an attractive partnering option within the legal industry,” claimed Brandi. “In 15 years we have built the largest legal footprint in Europe.”
Euro is the base reporting currency for CMS. The firm pointed out that the sterling equivalent for 2012 had been restated to 2013 exchange rates to allow accurate year-on-year comparisons.