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Global reveals ‘record set of financials’ despite geopolitical uncertainty
Despite challenging market conditions, a global law firm has announced growth in both revenues and profit per partner in all of its regions.
Emma Musgrave
Baker McKenzie has announced its financial results for the fiscal year ended 30 June 2017.
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According to the firm, revenues are up 5 per cent in comparison to the previous year at $2.67 billion.
“Baker McKenzie is the most diverse global law firm with revenues spread by regions as follows: Asia-Pacific 26 per cent, EMEA 37 per cent, Americas 37 per cent,” a statement from the firm said.
“All of our regions’ revenues grew in FY17 by 4 per cent or more.”
Baker McKenzie also revealed profits per partner were up by 1.2 per cent in dollar terms at $1.3 million. The firm noted its PPP has increased by over 20 per cent since 2007.
“Despite the ongoing geopolitical uncertainty, we have reported another record set of financials with growth in all of our regions,” Baker McKenzie chair Paul Rawlinson said.
“A 5 per cent revenue growth and 1 per cent increase in profit is a strong performance in difficult circumstances. It means that over the last decade, our firm has grown revenues by 50 per cent without a significant merger. Very few global law firms can match that.”
In addition, Mr Rawlinson said Baker McKenzie has been dedicated to a number of other important initiatives this year.
“We have plenty else to be proud of this year – record client demand for our services, a great crop of new lateral hires, the successful launch of our market-leading innovation initiative and our long-term strategic investments in New York, London and China paying off,” he said.
“The market is increasingly seeing Baker McKenzie not only as the no. 1 legal brand in the world, but also as a truly innovative and integrated organisation with a clear vision and purpose, as well as its own unique culture.”
Looking ahead, Mr Rawlinson said Baker McKenzie will look to cement its position further over the next 12 months, despite challenging market conditions.
“Baker McKenzie has more than six decades of experience in advising and supporting our clients wherever they are in the world and whatever the volatility of the macroeconomic environment,” he said.
“We look ahead to the next 12 months with quiet confidence that despite a tough market, our people and our firm will continue to go from strength to strength.”
