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 partners put an extra £7.7m into the business in 2011/12, the firm’s LLP accounts have revealed.
The £7.7m capital introduced by members compares to just £800,000 in 2010/11.
However, CMS Cameron McKenna has seen the amount owed to creditors drop in that same period. In particular, the amount of bank overdrafts and loans due shrunk from more than £17m to £5m over the 12 months.
The firm’s UK turnover showed a one per cent rise to £227.6m from £225.1m the previous year.
In the same period, the firm increased the number of fee-earners by 74 – from 830 to 904 - while reducing the number of support staff from 573 to 475.
The changes in staff levels resulted in a reduction of costs, down from £76.6m in 2010/11 to £72.7m for 2011/12.
The average number of partners also fell, during 2011/12, from 117 to 105.
The filing of the accounts follows the announcement that the firm has launched a review of its UK and CEE business with the possibility of up to 40 jobs being cut (15 January 2013). CMS UK managing partner Duncan Weston said there were long-term and short-term reasons for the redundancy consultation.
In the 2008/09 financial year CMS made 73 redundancies and also launched a reduced working scheme.
The firm has also recently announced its lowest newly qualified retention rate since 2010 (17 January 2013).