Acumen+giving+you+the+edge
Categories:Europe,US & The Americas

CMS group to pursue US merger as priority

25 June 2012 | By Catrin Griffiths

  • Print
  • Comments (14)

Related Articles

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.

See all Related Jobs, Briefings & CPD/Events

Readers' comments (14)

  • Anonymous | 25-Jun-2012 2:00 pm

    The talk of different profitability is irrelevant. It won't be a merger. It will be a CMS alliance. The profitability of the different CMS firms varies wildly. It doesn't matter. Just like it doesn't matter if Deacons is more or less profitable than NR, or theCanadian firm.
    It's an alliance model with more caffeine.

    Unsuitable or offensive? Report this comment

  • Anonymous | 25-Jun-2012 2:34 pm

    In this ever more globalised world, and in a rapidly consolidating legal services market, alliances are as much a hindrance as an advantage.

    The full integration of CMS as a single firm, followed by a proper U.S. merger and accelerated expansion in Asia and South America would create a formidable firm however.

    Unsuitable or offensive? Report this comment

  • Anonymous | 25-Jun-2012 7:33 pm

    @12.16pm.... probably more like Duane Morris (with offices in Boca Raton, Lake Tahoe, Cherry Hill (?), Wilmington or Newark...) or Greenberg Taurig - their existing European office is sucking and blowing at the same time.

    Unsuitable or offensive? Report this comment

  • Anonymous | 26-Jun-2012 9:47 pm

    Misleading article. CMS does not operate in a way which requires partner votes. The Exec Committee, composed of two partners per firm, either agree unanimously or an item is dropped. CMS Cameron McKenna is desperate for a US hook-up, but other firms are not so sure. So there has been no decision by CMS (ie a unanimous decision by all members of the Exec) to do it. A long time ago they did agree to monitor options for a US member firm and they are still looking. Bet the "source" is a Camerons bod wanting to push the other firms and is using The Lawyer to do his/her bidding.

    Unsuitable or offensive? Report this comment

View results 10 per page | 20 per page

Have your say

Mandatory Required Fields

Related Briefings

View All Related Briefings

  • Print
  • Comments (14)

Most popular

Most commented

Most emailed