CMS global revenue dips due to UK LLP's stalled growth
2020 global results show moderate revenue growth over 12 months compared to the preceding two years
The UK-based global law firm CMS continues to be buoyant about a brighter future despite posting a moderate result for the calendar year 2020.
The firm has been witnessing some kind of decline in revenue which can largely be attributed to the impact of the COVID-19 pandemic on the global economy.
CMS posted a moderate 3 per cent increase in revenue compared to the 4.5 per cent increase recorded last year and 5 per cent revenue growth in the preceding year 2018. The overall revenue growth for 2020 stood at €1.475 billion across its global network while its UK LLP's turnover inched up by just £1 million to £567 million.
The moderate performance of the firm's UK LLP, which has overseas offices in Central and Eastern Europe, the UAE, China and Brazil, witnessed a low symbolic growth of 0.17 per cent for the financial year ending 30 April.
Undaunted by moderate revenue growth, CMS chairman Pierre-Sebastian Thill said the firm's "robust" performance throughout the pandemic demonstrated its strength and resilience working in the "toughest of operating environments".
CMS has been somehow unfazed by the current results and is striving to brace up and be ready for the situation when the global economy gets back on track. It had made strides in several key areas like its diversity and inclusion commitments and innovation and technology initiatives.
In April, the firm announced an unprecedented global promotional round elevating 52 lawyers to partner, with women accounting for 43 per cent of its promotions in the UK and 37 per cent of new partners globally.
CMS has also increased its investment in innovative tech-focused business solutions. It has become only the second law firm to participate in the Financial Conduct Authority's regulatory sandbox, aimed at driving innovation in the fintech sector in partnership with digital transaction startup and firm's client Valk.
"We are proud of the progress we have made in diversity, our 2025 net zero commitments, and our innovation and technology initiatives," Penelope Warne, CMS UK senior partner, said.
The firm's global network that currently stands at more than 5,000 lawyers across 40 countries, recently grew. Norwegian practice Kluge is set to join as a full member firm in October this year, adding four regional offices and 153 lawyers to CMS' European roster.