CMS has reported a global revenue increase six times larger than the previous year’s, as it becomes the latest law firm to boost its top line following a challenging pandemic.
The firm’s global revenues for the 2021 calendar year grew by 18% to €1.75 billion, as its U.K. turnover increased to £644 million, translating to year-on-year growth of 13.6% for the 2021/22 financial year.
The results are a marked improvement on last year’s figures when global revenue grew by just 3%, while U.K. revenues climbed by just £1 million for the year to reach £567 million.
Stephen Millar, managing partner for CMS UK, said: “Despite the continued challenges caused by global supply chain issues, rising energy costs, geopolitical uncertainty and inflationary pressures, our business fundamentals remain strong, and we are confident that these will continue to serve us well as we head into the new financial year.”
In April, the firm promoted its largest ever cohort to partner, with 60 lawyers promoted across its offices. The appointments spanned 33 cities across Europe, the Middle East, Latin America, and Africa. Eight lawyers were elevated to partner in London.
Earlier this year, a lawyer from the firm was named in the U.K. Parliament debate on Russian sanctions. Geraldine Proudler, who is head of CMS’ reputation and media litigation practice, was named by the Conservative Member of Parliament Bob Seely in March, during a speech in which he spoke out against solicitors working for Russian clients.
During the financial year, CMS also launched in Norway via a tie-up with the local firm Kluge. The partner firm had three offices and more than 150 lawyers at the time of the
CMS senior partner Penelope Warne said: “The strength of our business, driven by our clients’ confidence in the firm and our people, has allowed us to pursue our wider commitments and continue to inspire, impact and support our clients, our people and our communities through our wide-ranging ESG programme. From our CMS Social Impact Fund through to our comprehensive D&I programme, we are delivering initiatives with impact.”
Multiple firms have released their financial results in recent days, including Mishcon de Reya, RPC, and Ashurst.
James Libson, managing partner of Mishcon, said he expected the U.K. to enter into a recession later this year, and James Miller, managing partner of RPC, said he expected a slowdown in transactional activity.