CMS Cameron McKenna and its affiliate firms have agreed to focus on delivering a transatlantic merger over the next year as the European network moves closer to integration
CMS Cameron McKenna and its affiliate firms have agreed to focus on delivering a transatlantic merger over the next year as the European network moves closer to integration.
The CMS group, comprised of ten member firms including Bureau Francis Lefebvre in France and Germany’s Hasche Sigle, got partner backing for the move at the group conference in London on Thursday 14 June.
“We’ve agreed we’re going to prioritise our US initiatives,” said a source present at the partner meeting. “We’re a billion-dollar European law firm and we’re looking at the regions where European businesses invest.”
“We’re looking for a strong national firm that is able to offer us a leading position in the US market as we can offer them a European platform.”
Norton Rose, which operates as a Verein, has yet to find a US merger partner despite its extra weight following the Deacons merger. It has subsequently bulked up its Verein through acquisitions in South Africa and Canada.
However, it is understood that CMS has rejected Australasia as a prime focus.
The source said: “Australia’s not of interest to us. We need to prioritise the States.”
The move marks the latest step in the CMS group’s integration as one strategic entity. Across the entire CMS network, turnover was up 3.9 per cent in euro terms, from €767.9 (£658.7m) last year to €797.5m (£692.1m).
Howver, UK member firm CMS Cameron McKenna revealed a 1 per cent revenue increase for the 2011-12 financial year, posting an increase from last year’s figure of £225m to £227.6m.
Readers' comments (14)
Ramsey McDonald | 25-Jun-2012 10:44 am
Are Camerons and their allies just too big a dinner for the Yanks? Most Americans want something a bit more bitesize
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jimmy | 25-Jun-2012 11:11 am
@above - probably, but lets face it, apart from a few key offices (germany etc) most of the network would be considered expendable for the right US partner.
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Anonymous | 25-Jun-2012 11:14 am
With the Eurozone in tatters, it makes sense to look stateside. But who would look to expand into Europe at the moment? It already has offices in Scotland though, so guess it can't follow that particular national trend right now.
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Anonymous | 25-Jun-2012 11:14 am
Pie in the sky.
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Anonymous | 25-Jun-2012 11:16 am
Was Lovells bitesize?
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Anon | 25-Jun-2012 11:24 am
This makes sense, but CMS need to hurry up and fully integrate as a single firm first.
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Anonymous | 25-Jun-2012 12:16 pm
The whole point would be to ally themselves to a substantial US national firm and NOT merge, i.e. to carry on as before. There is some truth in the assertion that CMS is more integrated that Norton Rose. The corporate practice at least does more in the way of know-how transfer and co-ordinated client development than many firms which are regarded as integrated units.
What they need is a Jones Day or Squire Sanders type firm, spread out all over the US advising mid-cap industry. They can then compare exotic provincial offices. Aberdeen vs. Des Moines. Chemnitz vs. Boulder.
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Think Tank | 25-Jun-2012 12:38 pm
CMS may have a $1bn in revenues, but the profits per partner of some of its partners in Europe, especially the more domestic ones, would frighten a US firm even at the bottom of the AmLaw 100. It can be overcome, but let's be realistic, once the Yanks see the numbers they'll want some serious restructuring. That said, some in Camerons may well leap at the chance to give the CMS network the shakeup it so badly needs.
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Anonymous | 25-Jun-2012 12:46 pm
Let's face it, firms very rarely make this sort of announcement without having done a certain amount of homework. CMS must be fairly confident of it's ability to deliver against this.
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Anonymous | 25-Jun-2012 12:49 pm
One for the Texans? In recent times they have all been linked with Norton Rose. That isn't going to happen now Norton Rose has bulked up.
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