When CMS Cameron McKenna last made a lateral hire, managing partner Dick Tyler told The Lawyer that the firm’s all-equity partnership was “a big carrot” in attracting laterals.
That carrot has gone. See story
Camerons has endured a sluggish six months in the best market for years (its half-year revenue rose by just 6 per cent). It is desperate to avoid the fate of mid-tier rival Barlow Lyde & Gilbert, which has seen its profit flatline for the past three years.
In July 2006 Tyler was bold enough to write an Opinion piece for The Lawyer, in which he boldly stated: “Camerons is an all-equity partnership with a pure lockstep, which we think is best for our clients.”
Six months on and Camerons is suddenly worried less about its clients and more about profit. We reckon you could call that the death of idealism.