Profit per equity partner (PEP) at CMS (UK) jumped more than 20% during the 2013-14 financial year despite a decline in revenue at the firm.

Average PEP for the UK arm of CMS now stands at £749,473, up from £618,270 the previous year, with the equity ladder bottoming out at £284,846 and peaking at £812,110.. Net profit was up 11% from £42.8m to £47.5m.

The profit hike came about despite a 1.7% drop in fee income, which fell from £162.2m to £159.3m. CMS managing partner Duncan Weston put the firm's improved profitability down to "more aggressive" cost management, aided in part by the continuing outsourcing of its back office functions.

"It's true we had a fairly flat year in terms of revenue," Weston (pictured) told Legal Week. "There's nothing exciting there. But we have managed to be a bit more aggressive over the last few years in terms of how we've managed the business and managed the costs, and that's started to come through in the results."

By practice area, the largest revenue generator for CMS was corporate, accounting for just over €84m (£66.7m) of turnover, followed by disputes, which brought in €65.7m (£52.2m).

"Corporate is a very strong performer for us, but all of our groups have done well," added Weston. "We have a few partner movements year on year and performance remains strong."

CMS made four lateral hires in the UK last financial year, and 13 across the Europe, Middle East and Africa. It also opened offices in Istanbul, Mexico City and Muscat.

In total, the number of full equity partners in CMS' UK LLP decreased from 71 as of May 2013, to 65 as of May 2014.

The reported numbers do not include revenues from Scottish firm Dundas & Wilson, whose merger with CMS went live on 1 May this year.

"We have already integrated all our offices and computer systems," commented Weston. "Today, you would not notice that the Dundas guys were from a different place nowadays. You wouldn't even recognise that we were two firms and the integration has been very fast and efficient."