CMS global revenue dips below €1bn in last results before Olswang-Nabarro merger
Firm sees global turnover fall 1% to €999m for 2016 calendar year
June 20, 2017 at 05:16 AM
2 minute read
CMS has posted a 1% dip in global revenue for 2016, after taking in €999m during the calendar year.
The figure is marginally down on the €1.01bn the firm reported in 2015. However, CMS said that by removing currency fluctuations, annual revenues would be €1.05bn, representing growth of 4.1%.
When converting to sterling, 2016′s average exchange rate gives a figure of £805m, almost 10% up on the equivalent sterling conversion of £735.2m for 2015. Brexit-related currency fluctuations mean UK law firms with significant international networks are likely to post significant gains in sterling terms this year.
CMS's global revenues are as yet unimpacted by the firm's three-way merger with Nabarro and Olswang, which went live on 1 May this year. Financial results for Nabarro and Olswang's final financial year will be released in the coming weeks. CMS has also not yet provided a breakdown of results for its UK LLP.
In 2015, CMS posted an 8.4% increase in global revenue to €1.01bn, following an 11% increase in 2014.
CMS executive chairman Cornelius Brandi said: "In 2016, we saw several global developments that are set to shape the upcoming years: the UK's decision to leave the European Union, the presidential election in the US and accelerated technological progress, to name just a few."
UK managing partner Stephen Millar added: "We've had a very busy year, despite the current volatility in the market, with the transactional side of our business performing extremely well. The global market remains in good health, and continues to show resilience. We are positive about the year ahead and the opportunities that will come from our enhanced global footprint and increased expertise."
CMS voted in favour of the three-way merger with Nabarro and Olswang in October last year. The merger created a firm with nearly 2,500 lawyers in the UK, within a global total of more than 4,500 lawyers across 65 offices in 36 countries.
Last year, CMS also opened offices in Tehran and Hong Kong.
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