CMS Cameron McKenna’s average profit per equity partner (PEP) has rocketed by 30 per cent, to £650,000 from £502,000 a year ago.
In financial results announced today, the firm also revealed turnover of £235m, a rise of 19 per cent on last year’s £197.4m.
Duncan Weston, who took over as Camerons managing partner this month, paid tribute to strong performance within the banking and corporate practices, which both saw revenues rise by 20 per cent.
He also praised the influence of the CMS European network, adding: “We have demonstrated the benefit of having a focussed and distinctive European platform through CMS.”
In February the nine alliance firms voted for closer integration but rejected dropping local names and uniting under a Europe-wide CMS brand (http://www.thelawyer.com/cgi-bin/item.cgi?id=131210””>http://www.thelawyer.com/cgi-bin/item.cgi?id=131210”>The Lawyer, 12 February)
CMS Cameron McKenna also announced total profits of £82.7m, up from £64.4m in 2006/2007, while average remuneration per partner reached £625,000.
Weston also revealed a firm-wide staff bonus of five per cent of salary, an increase on the bonus of 3.2 per cent this time last year.
He added: “We believe in a transparent, generous and motivational system of reward. It is only right the firm’s success should be shared by everyone.”
Associates also benefited from £1.16m in bonuses last year through the quarterly bonus scheme.