Legal Business Blogs

Financials 2020/21: revenues up just £1m at CMS UK despite modest global growth

CMS UK unveiled a muted set of financial results today (5 July), with revenues inching up from £566m to £567m as global income increased  3% from €1.426bn to €1.475bn.

However both marginal increases represent a slowing of growth on the previous year, when UK and global figures grew 4% and 5% respectively.

Despite this, CMS UK managing partner Stephen Millar hailed what he described as ‘solid financial results’, which he said ‘reflect our resilience and ability to deliver successfully for our clients against what was an extremely turbulent backdrop in the last year.’

He added: ‘We are committed to building strong, long-term relationships with our clients as their business partners and to support them as they look for solutions to recover from the pandemic and to find new growth opportunities.’

As in previous years , the firm has not disclosed its profitability figures, however its LLP accounts up to April 2020 show an operating profit of £203.6m. This represents a 6% increase in profits from 2019’s £192.8m .

CMS opted to highlight its 52 partner promotions made in 2021, the firm’s largest round since 2019. Out of those 52, 23 were made up in the UK, of which 43% were women.

Penelope Warne, CMS UK senior partner (pictured), said: ‘We celebrate a dynamic, inclusive and supportive culture. We are committed to inspire, impact and support our clients, our people and our communities and to deliver excellence. We are proud of the progress we have made in diversity, our 2025 net zero commitments, and our innovation and technology initiatives.’

Warne was re-elected CMS’ senior partner in January 2020  and has headed up a number of key diversity initiatives during her term, which included seeing women make up 40% of the firm’s board and 30% of its UK partnership.