Cameron McKenna is expecting average profits per partner of £250,000 in its first full year after merger – within the target it has set itself.
The previous year, the figure for Cameron Markby Hewitt was about £225,000 and for McKenna & Co £253,000, but managing partner Robert Derry-Evans said the slight drop in profits was well within what the firm had allowed for the merger costs.
However, the new firm's revenue was about £102.5m – only 3.5 per cent up on the combined £99m fee income the two firms achieved in the previous year.
Fee income per senior equity partner is £920,000 and Cameron McKenna aims to bring that up to £1m “as soon as possible”.
The firm is aiming to bring its European associated firms – Sigle Loose Schmidt-Diemitz in Germany, Schluter & Hald in Denmark, Tisell & Co in Sweden and DSH Derks Star Busmann Hanotiau in Belgium and the Netherlands – closer together in a single-name alliance.
Derry-Evans also revealed that partners voted last October on a strategy to have offices in 20 to 30 key financial centres around the world by 2002. He accepted that this would have to be achieved first by strengthening its Western European alliance and by a merger with another UK or US firm.
See analysis, page 19