CMS legacy firms' LLP accounts reveal sinking numbers
CMS Cameron McKenna Nabarro Olswang each suffered a fall.
Olswang’s LLP accounts reveal that the firm’s revenue dropped just below £100.00m (coming in at £99.96m), down 14% from £116.47m. The firm also suffered a jaw-dropping 76% loss in operating profits, from £35.24m to £8.36m.
Nabarro and CMS’s losses were not as glaring, but CMS managing partner Stephen Millar points to the merger as a major cause for the dipping numbers, citing redundancy costs and office equipment write offs.