LAWFUEL – The Law Firm Newswire:
Turnover up 6.5% to £197.4m (2005/06: £185.3m)
Profits up 3.5% to £64.4m after bonus payment (2005/06: £62.2m after bonus)
Profit per partner up 5.5% to £502,000 (2005/06: £476,000)
CMS Cameron McKenna LLP has today (7 June) given further details of its financial performance for the year to 30 April 2007.
Following on from the preliminary details released last month, the firm has reported unaudited turnover up 6.5 per cent to £197.4 million.
Dick Tyler, Managing Partner of CMS Cameron McKenna, commented on the figures, “These results are slightly better than we anticipated immediately after our year-end. Over the last two years, our profit per partner figure has risen by 35 per cent.”
The firm’s financial performance this year will also trigger a firmwide bonus of 3.2 per cent. This bonus rewards all staff for the firm exceeding its annual profit targets, and is in addition to a bonus scheme open to all qualified associates, based on chargeable hours.
Highlights of CMS Cameron McKenna’s performance in 2006/07 include:
Acting in the UK and Central Europe on Pfizer Inc’s agreement to sell its Consumer Healthcare division to Johnson & Johnson for $16.6 billion
Acting in the ground-breaking £550m Wellcome Trust bond issue, the first UK charity to issue a bond on the public markets.
Advising Enterprise Inns on the disposal of 769 pubs to Admiral Taverns, for £318.1 million, and on its entire Scottish pub estate to Retail & Licensed Properties Limited for £115 million.
Advising long-time client John Laing plc on its £1 billion takeover by Henderson Infrastructure Holdco Limited
Advising IVG Immobilien AG on its 50/50 joint venture to acquire 30 St Mary Axe (“The Gherkin”), for £630 million.
Advising Accor SA on a sale and leaseback agreement to sell 30 hotels in the UK for £439m deal.
Central and Eastern Europe
Strong growth in Central and Eastern Europe, in the year that saw Romania and Bulgaria join the European Union
Advising on the US$5 billion investment project in the Boguchanskaya Hydropower station and an aluminium smelter in the Kranoyarsk region of Russia
Acting for OTP Bank Rt. In its acquisition of a 100% stake in Raiffeisenbank Ukraine for EUR 650 million
Acting in the completion of Erste Bank’s EUR 3.75 billion acquisition of Banca Comerciala Romana
The firm was named CEE Law Firm of the Year 2007 by PLC What Lawyer?
Lateral partner hires during the year included: Isabel Davies, an internationally-respected Intellectual Property expert; Neil James joined the firm’s Banking and International Finance practice; Neil Smith joined the firm’s highly-rated Pensions practice; and Peter Hill and John Cadman, who will be joining the firm’s Corporate practice shortly.
The firm announced the appointment of 10 new partners with effect from 1 May 2007.
In October 2006 we challenged the legal profession to improve its approach to client service, with the publication of the results of the firm’s own client feedback for the previous three years and an analysis of some of the key challenges that the legal sector faces in delivering excellent client service.