CMS accounts reveal £7.7m capital contributions boost in 2011-12
Partners at CMS Cameron McKenna contributed £7.7m of capital to the firm's business in the 2011-12 financial year, as accounts filed with Companies House show the firm's highest earner pocketed £1.15m.
January 21, 2013 at 10:15 AM
3 minute read
Partners at CMS Cameron McKenna contributed £7.7m of capital to the firm's business in the 2011-12 financial year, as accounts filed with Companies House show the firm's highest earner pocketed £1.15m.
The firm's limited liability partnership (LLP) accounts show total capital contributions increased from £805,000 in 2010-11 to £7.7m during the last financial year. The rise in contributions is likely to be attributable to a 2011 cash call, when the firm upped the amount of capital paid in by equity partners by £1,000 per equity point.
The capital increase, which was approved by a partner vote last May, affected the amount of money partners paid in when they joined the equity, with all also required to make a one-off payment covering the increased cost for each of their equity points.
The LLP filings also show the firm's highest earner took home £1.15m, including an early retirement provision of £546,000. The figure is slightly up on the previous financial year when the highest paid member of the partnership earned £1.14m, with a retirement provision of £640,000.
Other information contained in the accounts include a significant increase in cash at the bank and in hand from £5m to £13.3m over the financial year, while bank overdrafts and loans fell significantly. The figure falling due within one year dropped from £15.7m in 2011 to £5.2m in 2012.
Meanwhile, the firm posted a liability relating to its defined benefit pension scheme of £2.4m compared with £1.4m in 2011, making contributions of £735,000 to the scheme during the last financial year.
Elsewhere, fee earner headcount within the LLP rose from 65 to 69, with overall staff numbers increasing to 109 from 99. Salaries rose accordingly from £861,000 in 2011 to £958,000 in 2012.
However, although lawyer headcount across the LLP and its subsidiaries jumped to 904 from 830 in 2011, support staff numbers fell from 573 to 475, bringing overall staff count in the group to 1379, compared with 1403 in the previous year. Consolidated staff costs fell from £76.7m in 2011 to £72.7m in 2012.
The firm's financial results for 2011-12 showed CMS posting a marginal turnover increase of 1% to £227.6m, while profits per equity partner amounted to £534,000. The figures sat alongside a 4% rise across the CMS network as a whole. The wider CMS group saw total turnover rise 4% to reach €797.5m (£668m), up from last year's figure of €767.9m (£644m).
Related
Camerons sees turnover grow 1% as CMS network revenues rise 4%
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