CMS network boosts Camerons’ fortunes” /> CMS Cameron McKenna was the star performer among the firms that released their average profit per equity partner (PEP) figures last week, with PEP up by an astonishing 30 per cent to £655,000.
Turnover hit £235m, a rise of 19 per cent on last year’s £197.4m.
The turnover rise fell short of City rival Norton Rose‘s, which announced a 27 per cent turnover hike to £297m, but it gained ground on Simmons & Simmons’, which reported a rise of 16 per cent to £290m.
Duncan Weston, who took over as Camerons managing partner this month, paid tribute to strong performances in 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’ve demonstrated the benefit of having a focused and distinctive European platform through CMS.”
Elsewhere, ;Olswang posted a turnover increase of 11.2 per cent, growing to £92.4m. The result sees technology rival Field Fisher Waterhouse (FFW) closing in after it smashed through its three-year turnover target with an impressive 30 per cent revenue jump to £88m.
FFW’s profit also boomed, with the firm expecting PEP to break the £750,000 mark, a 27 per cent rise on last year’s £589,000.
Meanwhile, Clyde & Co surpassed ;the ;£150m turnover ;benchmark, reporting a 16.3 per cent turnover increase from £130m to £157m.
The firm said investment in its overseas offices accounted for much of the growth, with its bases in the Middle East, Asia, the US and Latin America all seeing 60 per cent growth rates in the last year. The Middle East practice accounted for £20m of the firm’s turnover.
Clydes chief executive Peter Hasson said: “We’ve had a stronger second half to the year as commercial litigation has increased, although we’re yet to feel the benefits of an upturn in the insurance cycle.”