CMS continued on growth path in 2023
14 August 2024: CMS has announced revenues for the financial year January-December 2023 of 1.957 billion euros (USD 2.116bn), representing a year-on-year growth rate of 5.1%.
Commenting on the figures, Pierre-Sébastien Thill, CMS Chairman, said: “We are pleased to report another year of growth, reflecting our commitment to delivering expert advice and innovative solutions to help our clients in this ever-changing business environment. As we look to the future, we will continue driving innovation and investing in our people to ensure that we are well-equipped to help our clients prepare for the world of tomorrow.”
The biggest contributor of revenue growth in 2023 was the corporate practice. Other areas of high growth included the dispute resolution, real estate & construction and tax practices.
Expanding into new markets
In 2023, CMS expanded into key markets in Latin America, Africa and Europe:
- CMS signed a cooperation agreement with Brazilian law firm Focaccia, Amaral e Lamonica Advogados (FAS Advogados).
- Couto, Graça e Associados Limitada (CGA), based in Mozambique, joined CMS.
- Swedish firm Wistrand became a member of CMS.
“As business becomes increasingly global, our clients expect us to deliver high-quality, innovative solutions and expert work, no matter where they operate. Being present in key business hubs around the world is essential to meeting these expectations and ensuring we can provide the best possible service by combining local insights with a global perspective,” says Duncan Weston, CMS Executive Partner.
Currently, CMS has 84 offices in 47 countries.
Strengthening senior leadership
CMS nominated new heads for five of its international expertise groups: Commercial, Employment, Life Sciences & Healthcare, Private Equity and Public Procurement. All CMS lawyers work in cross-border groups.
In 2023, CMS announced 62 partner promotions across the organisation. The new partners were based in 19 countries around the world. Women accounted for almost one third of the promotions.
Investing in technology
CMS remains committed to being at the forefront of innovation, AI and legal tech. Key initiatives in 2023 included the following:
- CMS was part of the Microsoft 365 Copilot Early Access Program. It was one of only 600 organisations globally to join the programme for the launch of the Microsoft 365 Copilot system.
- In collaboration with IPDefine, CMS developed CMS Umbra, an award-winning AI-driven IP commercialisation tool.
- CMS started a pilot programme with the leading generative AI platform Harvey, involving a large number of CMS lawyers, tax advisors and notaries in several jurisdictions. In March 2024, CMS entered into a global partnership with Harvey and plans to introduce it in a phased approach across the organisation.
Isabel Scholes, CMS Executive Director, said: “CMS’s focus is on using technology to solve problems and generate value for our clients. We are constantly challenging and innovating the way legal services are delivered. We believe that GenAI will enhance our human knowledge and skills, enabling us to deliver greater benefits to clients.”
Winning industry recognition
In 2023, CMS won two FT Innovative Lawyers Awards in the following categories:
- Innovation in client delivery – a CMS Germany team, led by Dr. Thomas Lennarz and Dr. Peter Wende, won for CMS Smart Litigation, a tech-based solution for businesses facing class actions, mass proceedings and claim management challenges.
- Innovative lawyers in deals & financing – a CMS UK team, led by Charles Currier, won for advising on the first ever energy transfer scheme in the UK.
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