Legal Business Blogs

LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable

Top ten LB100 firm CMS Cameron McKenna has posted a revenue drop for its UK limited liability partnership (LLP) of 6.6% for the 2012/13 financial year alongside a 12.5% decrease in operating profit, accounts filed at Companies House showed yesterday (14 January).

Turnover fell to £212.6m from £227.6m in 2011/12 financial year while group operating profit slid to £47.7m from £54.5m in 2011/12.

Profit for the financial year available for discretionary division among members of the firm, which at the end of 2013 announced its surprise merger with former Scottish statesman Dundas & Wilson, fell 4% from £39.4m to £37.7m in the same period.

Meanwhile, the average number of fee earners employed at Camerons dropped from 904 to 875 in the 2012/13 financial year, while support staff also dropped from 475 to 455.

The highest paid member for this financial year took home £1.11m, including an early retirement provision of £533,000, which compares to £1.15m last year including an early retirement of £546,000.)

This drop in pay is relatively modest compared with other top 100 UK firms that posted their LLP accounts last week, including Morgan Cole, where the highest paid partner took home £116,000 less.

Elsewhere Shoosmiths’ LLP accounts revealed that the firm paid £1.5m to acquire Scottish firm Archibald Campbell & Harley, while Maclay Murray & Spens reduced their borrowing despite a tough year and Charles Russell’s highest paid equity partner took home £234,000 more.