CMS Cameron McKenna
Our view...     Camerons managed to turn the corner in the last few boom years - and as a result of its expansion into Eastern Europe looks set to buck the market in the present downturn.   Turnover for 2007/2008 was up a whopping 19% on the previous year, credit crunch or not. Equity partners a pulling in an average of £650,000: compared with £385,000 in 2004. And newly qualified lawyers, after suffering the indignity of having their salaries cut to £48,000, are now on a very healthy £64,000. The relatively easy hours mean that lawyers believe that "we get paid quite a lot per hour that we're actually at work".   It wasn't always thus: whilst everyone else was busy making money four years ago the firm was making redundancies and closing offices to try and rectify falling profits. But the bottom line was lifted by Camerons managing to secure the lucrative job of helping BP dispose of billions of pounds-worth of unwanted assets in the North Sea. Further good news came when the firm was appointed by Taylor Woodrow as its property adviser for London and Bristol acquisitions. Other deals of note included the PFI deal between Metronet and London Underground, and a £4bn JV between Mowlem and Kellogg Brown & Root on a £4bn.     Camerons abandoned an element of performance related pay for partners in favour of pure lockstep, waving goodbye to its practice of sharing out around 5% of profits amongst star partners every year. The firm claims performance-based pay was divisive and costly to administer, and unmodified lockstep certainly fits in with the egalitarian partnership ethos. There were concerns that top performers who could have been better rewarded elsewhere would have jumped ship, but so far these seem to have come to nothing. And they're unlikely to jump ship now: the firm's strong focus on Central and Eastern Europe should help hedge it against a slower UK market.     But it's not all beer and skittles. If you're a woman, you might also like to know that only 10% of the firm's partnership is female, compared with an average amongst leading firms of 18%. And only one of the 11 associates promoted to partnership in May 2008 was a woman. Any which way you look at it, that's pretty shabby.   Camerons fall somewhat between two stools: it's not big enough to enjoy the reputation and profits of the Magic Circle or the chasing pack. And whilst insiders report that "the majority of staff are genuinely nice people", and that the firm is "very proactive with keeping its staff satisfied" it can't offer the collegiality of smaller corporate firms like Travers Smith. Still, it (just) made the top ten of our Firm of the Year, and with clients like BNP Paribas and Nomura the work is good quality, pay is good, and there's even a bonus scheme which had an extra £1million pumped into it this year.      Email your comments	Salary, new trainee	37500
	Salary, newly qualified	66000
	Salary, 1 PQE	68000
	Salary, 2 PQE	71100
	Salary, 3 PQE	78600
	Salary, 4 PQE
	Target hours	1500
	Holiday	25-28
	Pension	From the age of 25 - the firm matches up to 5% contributions. From 30-40: the firm matches up to 8%. From 40+ the firm matches up to 10%
	Healthcare	Yes, after one year
	Maternity policy	Enhanced (full pay for 10 weeks, half pay for 16 weeks plus return to work bonus)
	Gym	Subsidised, 50%
	Restaurant	Yes
	Other	option to buy and sell up to 5 days' holiday per year. "Concierge" service to help organise domestic activities, but reported to be very expensive.   On site doctor and physiotherapist   Life assurance immediately
	Number of training places per year	80
	% of trainees retained	90
	24 hour photocopying support	Yes
	24 hour secretarial support	Yes