CMS Cameron McKenna’s limited-liability accounts have revealed a jump in cash reserves from zero in 2005 to £6.5m last year.
Although the figure does not have an impact on profit, it is a measure of how Camerons’ increased focus on improving working capital management has borne fruit.
Camerons managing partner Dick Tyler said the result was “partly accidental” because of the effect of the timing of outgoings and money coming in. It was, he added also a “function of efficiency”.
“We set ourselves an objective of improving cashflow management and achieved it,” said Tyler. “It is not a trivial achievement.”
Camerons’ financial year, which ended on 30 April, saw turnover rise by 11 per cent to £181.3m and average profit per equity partner increase by 24 per cent to £476,000.