Camerons' profit to soar as firm beats fee income target
Profit at CMS Cameron McKenna is set to rocket by 25 per cent this year, taking average profit per equity partner (PEP) over the £450,000 mark.
The firm has released preliminary figures that put net profit up by 25 per cent to £63.4m. When divided by last year's total partner figure of 134, it brings PEP up from £384,000 to £480,000.
Managing partner Dick Tyler told The Lawyer: "The market has been good across the board and we've had a few successes of our own. We've listened to our clients and given them what they want."
Fee income has grown 10.9 per cent to £180.3m in the preliminary figures, well above the firm's budgeted target of 7 per cent. Last year's turnover was £163.1m.
Tyler said the UK and Central and Eastern Europe have been key areas for the firm.
At the start of this year Camerons merged with 50-lawyer Eastern Europe firm Hayhurst Robinson, a move which Tyler said made a "modest but important" addition to this year's figures.
The firm also took on four lateral partners last year, including one in London, with Norton Rose partner Nicholas Stretch joining in January to lead the firm's share incentives team. The firm operates an all-equity partnership.
