CMS Cameron McKenna partners put extra £7.7m into firm in 2011/12

CMS Cameron McKenna partners put an extra £7.7m into the business in 2011/12, the firm’s LLP accounts have revealed.

Duncan Weston
Duncan Weston

The £7.7m capital introduced by members compares to just £800,000 in 2010/11.

However, CMS Cameron McKenna has seen the amount owed to creditors drop in that same period. In particular, the amount of bank overdrafts and loans due shrunk from more than £17m to £5m over the 12 months.

The firm’s UK turnover showed a one per cent rise to £227.6m from £225.1m the previous year.

In the same period, the firm increased the number of fee-earners by 74 – from 830 to 904 – while reducing the number of support staff from 573 to 475.

The changes in staff levels resulted in a reduction of costs, down from £76.6m in 2010/11 to £72.7m for 2011/12.

The average number of partners also fell, during 2011/12, from 117 to 105.

The filing of the accounts follows the announcement that the firm has launched a review of its UK and CEE business with the possibility of up to 40 jobs being cut (15 January 2013). CMS UK managing partner Duncan Weston said there were long-term and short-term reasons for the redundancy consultation.

In the 2008/09 financial year CMS made 73 redundancies and also launched a reduced working scheme.

The firm has also recently announced its lowest newly qualified retention rate since 2010 (17 January 2013).