Legal Business Blogs

Financial results 22/23: CMS sees deceleration in revenue growth following last year’s standout figures

CMS has reported a 6% uptick from last year’s €1.746bn to €1.862bn in global revenue growth in its recent set of financial results this week, with UK turnover also up by 6% to £686m from FY21/22’s £644m.

Despite the continued financial growth, revenue has slowed considerably since last year, which saw an 18% spike to the global top line and a 14% increase in UK turnover.As per the firm’s tradition, CMS has not made its PEP figure publicly available, however the figure is estimated to be £771,000 by Legal Business, essentially unchanged from last year’s £773,000.

‘The last 12 months have brought continued change and challenges, from inflationary pressures to geopolitical headwinds,’ said CMS’ UK senior partner Penelope Warne (pictured) in a statement. ‘However, as a business we have responded to these challenges and I’m proud of the growth we have achieved, and the resilience shown by our people to support our clients in these uncertain times.’

In its statement, the firm reported that 62 internal lawyers were promoted to partnership across CMS, with a total of 16 promoted in the UK alone. Furthermore, the firm made 15 lateral partner hires over the past 12 months.

CMS’ corporate practice was the most profitable practice area for the firm over the past year, bringing in 29% of the firm’s gross fee income. The dispute resolution practice came a close second, contributing to 28%.

‘2022 was a tough year for businesses across the globe,’ explained the firm’s chairman Pierre-Sébastien Thill.

Managing partner for CMS UK, Stephen Millar added: ‘Over the past year, we have seen solid results across all our practices and sectors, with our teams adapting to the needs of our clients who are facing a plethora of challenges including the economic uncertainty in markets, as well as new regulations.

‘While these uncertainties are likely to continue for all businesses, we are pleased to see the UK’s continued contribution to the firm’s growth and feel well placed as we look to the path ahead.’