CMS announces revenues of €1.3bn in record-breaking year of growth
CMS, the tax and law firm with offices in Edinburgh, Glasgow and Aberdeen, and whose UK Managing Partner is Scot Stephen Millar, has today posted global annual revenues of €1.3bn for 2017 – a year-on year growth of 31 per cent.
Like-for-like profitability is up 19.3 per cent for UK LLP. When merger costs are removed, the underlying profitability is up 36 per cent.
The firm further extended its geographic reach in 2017 with new offices in Monaco and through an association with Saudi Arabian firm Feras Al Shawaf in Riyadh. 2017 also saw the completion of CMS’ merger with Nabarro and Olswang which extended the firm’s reach in the UK and globally, adding offices in Singapore, Manchester, Reading and Sheffield.
Penelope Warne, senior partner for CMS UK, said: “Collectively we have achieved a tremendous result in our first year together as a combined firm. For us, the merger was always about creating a future facing law firm that was greater than the sum of its parts and delivering a truly sector-focused offering to our valued clients.
“These results reinforce our merger rationale and are yet another example of the momentum we continue to build across the firm. It has been a transformational year for our people, filled with new opportunities and challenges and I’m very proud of what we’ve achieved together.”
Stephen Millar, managing partner for CMS UK, added: “These are very pleasing results. The business is performing strongly and well ahead of expectations, with fantastic opportunities presenting themselves at all corners of the business.
“Our priority is our clients and ensuring the business is in a healthy position in order to innovate and deliver against their needs. Our increased levels of activity have also resulted in higher levels of utilisation which has allowed us to invest in our people and hire across a number of strategic growth areas both in the UK and internationally.”