The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
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SJ Berwin's financials" /> CMS Cameron McKenna has announced a disappointing set of financial year-end results.
Consistent with its results at the half-year stage, the top 15 firm has posted a 6.3 per cent growth in turnover, taking its revenue to £197m.
Meanwhile, its profit grew by just 2.2 per cent, to £63.6m. With 131 equity partners, this gives an average profit per equity partner (PEP) of £481,000.
This represents a rise in PEP of just 1 per cent, a far smaller rise than last year, when the firm reported a leap of 24 per cent in its PEP to £476,000.
This is a very different picture to the double-digit growth reported at similarly ranked firms. SJ Berwin enjoyed a 23 per cent rise to £190m, while Berwin Leighton Paisner's revenue jumped by 16 per cent to £168m.
Camerons managing partner Dick Tyler gave a positive spin on the results. He said: "In December 2006 we announced our goal of achieving a turnover of £250m by 2009. Achieving our budgeted profit in the current year has been an important step in that direction."
At the half-year stage Camerons had grossed £84m in six months. These results were acknowledged internally as below par at the time, The Lawyer understands.