Global law firm CMS has today announced revenues for the financial year January-December 2022 of 1.862 billion euros, representing a year-on-year growth rate of 6.2%.
The firm achieved this growth despite facing several economic and political headwinds, including the ongoing impact of the Russia-Ukraine war and rising inflationary pressures.
Commenting on the figures, Pierre-Sébastien Thill, CMS Chairman, said: “2022 was a tough year for businesses across the globe. These results demonstrate the remarkable resilience of our team and the depth of their client relationships. As we all navigated another challenging year, it is undeniable that the team’s commitment to delivering outstanding service for our clients played a significant role in our continued success.”
The biggest contributor of revenue growth was the firm’s global corporate and commercial practice, as well as its dispute resolution and employment practices. Other significant areas of high growth included the firm’s tax, banking and real estate offerings.
ADAPTING TO A CHANGING WORLD
With clients facing the complexities of geopolitical tensions and ever-changing regulations, the firm developed expert guides and reports to ensure that clients were equipped with up-to-date legal information, including sanctions lists. By navigating the intricate legal landscape and offering counsel, the firm proved itself as a trusted partner to its clients during a time of heightened uncertainty and geopolitical challenges.
Additionally, as the world continued to embrace remote working, CMS leveraged its expertise in digitalisation and artificial intelligence to enhance its overall business performance, both internally and as part of its overall client offering. This included strengthening its global technology practice through the development of “super specialisms” in critical areas such as cybersecurity and AI, exemplifying its commitment to staying at the forefront of emerging issues that matter most to its clients.
STRENGTHENING SENIOR LEADERSHIP
In January 2022, CMS further strengthened its leadership team with the appointment of Rob Gijsen as its first Chief Marketing Officer. He is responsible for setting the firm’s strategic direction in marketing, streamlining business development and processes, and ensuring consistent global standards. This strategic move reflected CMS’s focus on optimising its market presence and enhancing client experiences across borders.
COMMITMENT TO ENVIRONMENTAL SUSTAINABILITY
In the last financial year, the firm reaffirmed its commitment to sustainability and ethical business practices by filing its second Communication on Progress (COP) report to the UN Global Compact in August last year. In September, CMS launched its ESG Charter which serves as a framework to set out its approach and commitments in relation to responsible business and environmental, social and governance (ESG) factors.
Isabel Scholes, CMS Executive Director, said: “Last year was another period of huge change and uncertainty, not least following Russia’s invasion of Ukraine. However, our firm was able to adapt and provide essential guidance for clients under such circumstances. As the topics of ESG and cybersecurity continue to be high up on the agenda of businesses, we will continue to dedicate resource to best serve those needs.”
INDUSTRY RECOGNITION
CMS was recognised in the Thomson Reuters Global Elite Law Firm Brand Index 2022, where the firm’s position rose significantly to 13 (from 20 in 2021). This recognition underscores CMS’s growing reputation and influence in the legal industry.
In regional rankings, CMS made significant strides in March 2022, ascending three places to secure 4th position in the Mainland Europe section and two places to reach 3rd position in the UK Brand Index of the Thomson Reuters Regional Law Firm Brand Indexes. These rankings reflect CMS’s dedication to delivering exceptional legal services across different regions.
In August, Lupl, the open industry technology platform for legal matters developed alongside Cooley and Rajah & Tann, collaborated with the Singapore Ministry of Law (MinLaw) – further establishing CMS’s engagement with key stakeholders across the legal landscape.
2023 SO FAR – INVESTING IN PEOPLE
In April of this year, the firm demonstrated its commitment to nurturing and recognising talent by promoting 62 lawyers to partner positions across 26 cities in the UK, Europe, the Middle East, Africa, and Latin America.
Dr Duncan Weston, CMS Executive Partner, added: “We are very pleased that the firm grew again in the last financial year, whilst continuing to invest in our people and the development of our business. The challenges of globalisation are giving rise to new legal practices and deepening the importance of others. Embracing these shifts enables us to provide comprehensive solutions and strategic counsel, fostering stronger partnerships in an increasingly interconnected world.”
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