Camerons calls in Deloitte for advice on Europe networking
CMS Cameron McKenna's ambition to adopt a 'Deloitte-style' model for its CMS network has prompted it to ask the accountancy giant to advise on the process.
December 05, 2007 at 09:24 PM
2 minute read
CMS Cameron McKenna's ambition to adopt a 'Deloitte-style' model for its CMS network has prompted it to ask the accountancy giant to advise on the process.
Camerons has signed up Deloitte to help with branding and integration issues as the City law firm continues discussions to bring its network of firms closer together.
The firm invited Deloitte senior partner and chief executive officer John Connolly to speak at its partner conference last month. Connolly gave a presentation on how Camerons could build on its international network and gave the partners suggestions on how the integrated structure could best be managed. Deloitte is also Camerons' auditor.
Camerons is keen for its nine-firm CMS network to be viewed as a single entity, and is discussing common branding issues prior to a vote in January. However, the alliance firms aim to remain financially independent partnerships, in a similar structure to that used by Deloitte.
Camerons managing partner Dick Tyler told Legal Week: "It was a tremendous opportunity to have him talk to us. Deloitte is our auditor but it made sense to bring it on board for consultancy advice as well."
Currently, the CMS firms contribute around 1%-2% of profits to the network to fund the common executive body, although this is set to increase to 3%-4%.
Last month the CMS alliance appointed its first-ever director of operations at the same time as the body relocated its headquarters to Frankfurt.
Meanwhile, Camerons has ruled out opening up the network to the US, other than to build referral relationships, for the foreseeable future. Although the network also has a presence in China, there are no immediate plans to expand in the region other than through organic growth.
Tyler added that the jurisdictions other than Europe had "not featured in any discussions" since the firm visited the US around two years ago.
As well as discussing issues relating to CMS, the partnership conference covered the firm's three-year plan, which was introduced last year. Partners discussed how the firm was performing in relation to its strategy, both in terms of market position and financial performance.
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