20 June 2017. CMS, the top 10 international law firm, announces its financial results for 2016.
- Total annual revenues of EUR 999m for 2016. When currency fluctuation is removed, annual revenues are EUR 1,05bn, which is a year-on year growth of 4.1%.
- In the largest-ever deal in the UK legal market, CMS, Nabarro and Olswang combined to form the sixth largest legal services provider in the UK.
- CMS strengthened its Latin American presence in Chile, Colombia and Peru in January 2017.
- New offices added in Tehran and Hong Kong; also now present in Singapore (formerly Olswang and Nabarro offices).
- CMS also grows on the African continent - Angolan firm FTL Advogados now official partner of CMS Portugal, ensuring client demand is met in the fast-growing Angolan economy.
- 48 new partners were added in global promotions round.
Cornelius Brandi, Executive Chairman of CMS, commented, “In 2016, we saw several global developments that are set to shape the upcoming years: the UK decision to leave the EU, the presidential election in the United States and accelerated technological progress, to name just a few. With our focus on client relations, international reach and the quality of our growing team, we remain well positioned to deliver further benefits to all our clients in 2017.”
Already one of the largest international law firms, CMS has further extended its geographic reach, opening new offices in Tehran and Hong Kong in 2016. Firms in Chile, Colombia and Peru joined CMS in January 2017, further strengthening CMS's position in Latin America and adding more than 350 colleagues. Together with CMS offices in Brazil and Mexico, these new firms offer clients a connected service across five of the most important economies in Latin America.
Effective from May 2017, two leading UK law firms Nabarro and Olswang joined CMS. This is the largest merger to ever take place in the UK legal services market. This committed drive to continue to expand in key markets and sectors across the world is a tangible indicator of CMS’s commitment to providing the best possible service to clients.
Industry recognition has continued to be strong and another indicator of CMS's success. Alongside numerous prestigious awards, CMS is ranked #15 in Acritas’ Global Elite Law Firm Brand Index. CMS achieved top positions in M&A League Tables: in rankings by deal-count, CMS was awarded #1 by Bloomberg in Europe, CEE, France, Germany and the UK, and #1 by Mergermarket and Thomson Reuters in Germany.
Jean-Francois Marquaire, Managing Partner of the Moscow office, comments: “2016 was a good year for CMS Russia in many respects and particularly for our M&A practice. We have continued to inject fresh blood into the firm, from junior to experienced lawyers, thereby confirming our commitment to the Russian market.
We remain positive for 2017 but we fear the economic recovery will take longer than expected because of both international and domestic issues. Localisation policies have actually had a positive impact on the economy, in particular in the agricultural sector. The long awaited “made in Russia” regulations also seem to be on their way and they too, can be a boost for the Russian economy. Such measures should not, in our view, be seen as reinforcing Russia’s isolation from the global economy and the rest of the world. Localisation and globalisation are not contradictory as long as both are balanced!”