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.