The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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 Cameron McKenna has set its partners an ambitious target of growing revenue to £250m in three years as it concludes a firmwide strategic review.
The mid-tier firm turned over £182m last year and achieved an average profit per equity partner of £476,000.
Managing partner Dick Tyler said: "There's no particular magic about any particular number, but from an internal perspective a rallying point is needed."
However, the push to grow turnover to a quarter of a billion comes at a time when the firm only managed a revenue increase of 6 per cent at the half-year stage, grossing £84m in the first six months. In contrast, peer firms were posting double-digit rises.
Tyler said the six-month figures had given Camerons' partners a wake-up call.
"The conjunction of the timing of the half-year figures and concluding this exercise and having the partner conference at the same time was fortuitous and helpful," said Tyler. "Strategy is not what two people stand up on a stage and talk about, it's what 130 people are committed to doing."
The second major plank of the review is to focus on growing the firm's longstanding practice in Central and Eastern Europe, led by partner Duncan Weston. Tyler said: "There's always going to be a substantial part of domestic business there."
Last year Camerons grew turnover by 600 per cent in Sofia, 400 per cent in Bucharest and in Budapest - the biggest of the three offices - by 75 per cent.
The review also reaffirmed the strategy of building around three key areas: financial institutions and financial services (including insurance); energy; and hotels and leisure.