CMS has reported global revenue of more than €2bn for the previous financial year, driven by a strong performance by the firm’s corporate practice.
Turnover increased 5.9% to €2.07bn in the 2024 financial year (which runs from January to December), a slightly quicker pace than in 2023 when revenue rose 5.1% to €1.96bn, but slower than 2022’s 6.2% rise. Meanwhile revenue for the UK LLP increased to £779.1m in 2024, marking 6% year-on-year growth. CMS does not disclose its profits or profit per equity partner.
The biggest contributor to the firm’s revenue growth in 2024 was the corporate practice. Other areas of high growth included the dispute resolution, real estate, tax, employment and banking practices, CMS said.
Stephen Millar, managing partner at CMS UK, said the firm had had a strong year across its key markets in the UK, Asia, Central and Eastern Europe, and the Middle East.
“All our core practice areas continue to perform strongly, with our disputes, finance and energy teams, in particular, enjoying an excellent year,” Millar added. “As we look ahead, we’re confident in our ability to build on the progress of the past year.”
During 2024 CMS boosted its international presence, finalising its tie-up with 150-lawyer Swedish firm Wistrand to form CMS Wistrand and adding Mauritian-based firm Prism Chambers as an associate firm of CMS Africa. It also opened a representative office in Silicon Valley that focuses on business development and marketing activities. The firm said it now has 91 offices across 50 countries.
Over the course of the year CMS’s UK LLP made 20 lateral partner hires across the UK, CEE, Middle East and APAC. Notable hires included London funds partner George Metcalfe from Freeths and energy and infrastructure partner Lloyd Chater, who joined in Sydney from Australian firm Gilbert + Tobin. In April there were also 54 partner promotions across CMS, with women making up 41% of the total.
The firm also strengthened its leadership team, appointing CMS Germany senior partner Hubertus Kolster as vice chairman of the CMS executive committee. The appointment saw Kolster join chairman Pierre-Sébastien Thill, executive partner Duncan Weston and executive director Isabel Scholes on the executive committee and take responsibility for driving the firm’s global initiatives and projects.
“We’re pleased that in 2024, the year in which we celebrated our 25th anniversary, we continued on our growth path,” Thill said. “In today’s fast-paced business environment, it’s not just about providing expert legal advice and innovative service delivery, but also about being agile in tackling various challenges that affect both our business and that of our clients. Our numbers reflect our ability to meet these market demands.”
CMS’s growth is in line with other UK headquartered firms that have been posting solid results for the previous financial year. Earlier this month Bird & Bird reported 6% growth to €672.6m, while Osborne Clarke grew its topline 4% to €547.5m and Taylor Wessing reported 10.1% growth to £526.2m.
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