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CMS announces revenues for the financial year January-December 2023 of 1.957 billion euros, representing a year-on-year growth rate of 5.1%. The biggest contributor of revenue growth was the Corporate/M&A practice. Other areas of high growth included the Dispute Resolution, Real Estate & Construction and Tax practices.
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. We will continue investing in our people to ensure that we can prepare our clients for the world of tomorrow.”
Expanding into new markets
In 2023, CMS expanded into key markets in Europe, Latin America and Africa. Swedish firm Wistrand became a member of CMS. Additionally, CMS signed a cooperation agreement with Brazilian law firm Focaccia, Amaral e Lamonica Advogados (FAS Advogados).
Duncan Weston, CMS Executive Partner: “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.”
Strengthening senior leadership
In 2023, CMS announced 62 partner promotions in 19 countries across the organisation.
CMS also nominated new heads for five of its international expertise groups: Commercial, Employment, Life Sciences & Healthcare, Private Equity and Public Procurement.
Investing in technology
CMS remains committed to being at the forefront of innovation. Key initiatives in 2023 included the following:
- CMS was one of only 600 organisations globally to join the Microsoft 365 Copilot Early Access Program.
- 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: “Our focus is on using technology to solve problems and generate value for our clients. We are constantly 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.”
