CMS targets joined-up financial reporting

CMS Cameron McKenna managing partner Duncan Weston has revealed plans to unite financial reporting across the CMS network.

While Weston has yet to persuade the European members of the network
to come on board, if the ­proposal is agreed the nine CMS firms will report turnover and profit as if they were a single organisation.

Weston told The Lawyer he wants to be able to report the combined results of the network by the end of the current financial year.

It is the latest move towards integrating the ­network, but is likely to meet with resistance from the European members of the alliance. CMS already ­provides ;a ;figure ;for ­combined turnover, but ­outside the UK CMS firms do not publish their profits.

A CMS spokesman said: “Doing more combined financial reporting is just one of many ideas for demonstrating a more ­integrated CMS.”

In February the nine CMS ;firms ;voted ;for ­‘convergence’ – a plan to harmonise internal systems and ;promote ;a ;single brand while retaining the ­independence of its ­members.

In June it was revealed that CMS would trial its first profit-sharing venture by the end of the year, ­merging the Moscow offices of CMS Cameron McKenna, CMS Hasche Sigle and CMS Bureau Francis Lefebvre.