After a turbulent two years, Mr Foley said that whilst the pandemic was a challenging period globally, the firm was busier than ever.

“Our work and engagement with our clients grew significantly during the pandemic. However, while the pandemic demonstrated people’s extraordinary adaptability and the value of technology, it also reminded us of the need for care and kindness with our people as we all dealt with the personal demands and uncertainties of working [from] home, increased isolation, and the like,” he said.

“We expect that this focus on connections with our people, and more flexibility in our working arrangements, will be a lasting and positive legacy of the pandemic.”

The firm recently appointed a new chief financial officer, William M. Washington III, who joined from an American-British law firm and said Baker McKenzie was “already in a strong financial position, with growing and diversified revenue streams, prudent cost and cash management, and a clear strategic vision for the next five years”.

Post-pandemic – and looking to the next five years – Mr Foley said Baker McKenzie would continue to prioritise their clients, in addition to finding new ways to stand out within the legal market.

“In 2022, I hope that we will continue to grow our business and, in particular, to win more transactional mandates in growth sectors in our economy and to build our team of rising stars for the future.

“Our priority has always been, and will remain, focused on providing our clients with outstanding service and giving our people the opportunity to grow and thrive in their work and life,” he added.

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“Over the next year, we will be focused on our resources and competitive advantage to win work in a dynamic and active market (including opportunities generated by decarbonisation and digital transformation), and in developing a more hybrid working model which provides our people with flexibility, connections and support.”

However, there will also be a number of challenges for firms moving forward, Baker McKenzie included.

“Different parts of the profession will face different challenges. As a large-scale commercial law firm, our biggest challenges are recruiting and keeping people in a hypercompetitive market for talent, and finding ways to better understand our clients’ businesses, needs and people so that we can help them better anticipate issues and better capitalise on opportunities,” Mr Foley added.

“We work in a very competitive market full of talented professionals and well organised firms. In our view, future success in our market will likely depend upon the innovation and understanding we bring to core issues such as the best post-pandemic working model, the long-term career aspirations of talented lawyers, and the capital flows driving investment, activity and change in the market.”

And in terms of the future of law, Mr Foley said there had been a fair amount of evolution over recent years, leaving the future of the profession to find a balance between people and technology.

“The practice of law still lies somewhere between a profession and business – and changes over recent years reflect this evolution. Like any business, we must remain focused on the transformations needed to meet our clients’ needs; including the adoption and use of technology which enables us to improve our services,” Mr Foley said.

“However, as a professional services firm, it is critical that we develop and support talented people with the attributes needed to help our clients and our people succeed in new and complex markets – curiosity, agility, ambition, generosity and empathy.”