Camerons results: revenue up 2% as PEP down 15%
CMS Cameron McKenna has become the first major UK law firm to announce its 2008-09 results with the firm seeing profits down 15% along with a marginal increase in revenue.The firm's profits per equity partner (PEP) have dipped from last year's figure of £655,000 to £554,000, a 15.4% fall. Total profits were down 14%, from £84m to £72m, while total cash collection was up by 9%.The firm has managed to grow turnover marginally, seeing a 2% rise, to £240m compared to £235m the previous year. This falls short of the £250m target Camerons' current three-year strategy had set out for 2009 but will be seen as an achievement by rivals taking into account the tough market conditions.
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