Camerons posts 13% decrease in fee income at half-year point
CMS Cameron McKenna has joined the growing number of City law firm posting a decrease in half-year revenues, with fee income falling by 13%. Camerons billed £95.3m for the first half of the 2009-10 financial year, having posted double-digit growth for the equivalent period in 2008-09.
November 27, 2009 at 11:19 AM
2 minute read
CMS Cameron McKenna has joined the growing number of City law firm posting a decrease in half-year revenues, with fee income falling by 13%.
Camerons billed £95.3m for the first half of the 2009-10 financial year, having posted double-digit growth for the equivalent period in 2008-09.
Managing partner Duncan Weston (pictured) said in an email to the firm that the drop had been anticipated since the second half of last year, when Camerons introduced measures such as flexible working to better manage its cost base.
He added: "Although it is likely that the rest of the 2009-10 financial year will continue to be challenging for everyone, there are signs that things are picking up in parts of our business. Although market conditions remain tough, we are pleased to see activity levels gradually stabilising after showing a drop in the early months."
"It is also worth noting that we have had a significant number of client wins in the past few months – not least the wonderful success of securing a role on the BT panel, which we expect to start delivering work in the second half of this financial year."
Weston also pointed to an 8% increase in revenues taken in by the firm's dispute resolution practice, and pointed to a better picture for Camerons' CMS alliance firms, including German firm CMS Hasche Sigle, which is set to post a 10% revenue increase for its 2009 calendar year-tied financial year.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllSkadden to Close in Shanghai and Make Cuts to China Corporate Practice
DWF Group's Canadian Firm Set to Add Fourth Office With 16-Lawyer Montreal Team
UK Law Firms Face £75M Money Laundering Investigations Alongside Russia Scrutiny
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250