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Baker McKenzie records $5.24bn revenue in FY22
Global law firm Baker McKenzie has released its financial results for the year ending 30 June 2022, which saw a “record” increase of 5.5 per cent in revenue from financial year 2021.
Jerome Doraisamy
Bakers has announced revenue of US$3.3 billion for FY22, which converts to $5.24 billion as of exchange rates on 13 October 2022. This marks a 5.5 per cent increase in revenue from the previous year and 8.2 per cent on a constant currency basis, which is a “new record” for the firm.
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The firm’s net income for FY22 was US$1.24 billion ($1.97 billion), which was on par with the firm’s results last year.
The maintenance of this quantum of net income, the firm said in a statement, was “despite a partial cost rebound in recent months as the firm returns to a more normalised mode of operation post-pandemic and continues to make strategic investments in new talent, technology and repurposing premises for the post-COVID era”.
Globally, the firm’s North American offices had a “particularly strong” year, with revenue increases of 12.1 per cent. Its Latin American presence saw increases in revenue of 4.1 per cent, followed by Europe, Middle East, and Africa (EMEA) with 3.4 per cent and the Asia-Pacific region with 3.3 per cent rises.
The most notable growth among the firm’s practice areas was private equity, which saw 25.7 per cent growth in the past financial year. Elsewhere, merger and acquisition and antitrust and competition grew by 9.2 per cent and 10.2 per cent, respectively.
Speaking about the results, Bakers global chair Milton Cheng — who this week spoke with Lawyers Weekly about the increased need for global law firms in the current market — said that the firm has “built on the success of the previous year to achieve record revenues once again, while continuing to invest strategically for the future”.
“Baker McKenzie’s global reach, breadth and depth of our expertise, and local strength position us well to help clients right through the economic cycle,” he said.
“With our size and scale, we have the ability to make targeted investments to adjust quickly to our clients’ needs and underlying market trends, helping businesses to move from uncertainty to opportunity.”
The news follows the release of the financial year 2022 results in recent months from listed national firm Australian Family Lawyers, which recorded $18 million in revenue; Slater and Gordon, with a net profit decrease of 85 per cent; Shine Justice, which reported a 22 per cent net profit increase; Clyde & Co, which revealed its Australian offices are bringing in the most revenue; Ashurst, which saw a 12 per cent revenue increase; Clifford Chance, which saw equity partner profits rise by 10 per cent; Herbert Smith Freehills, which recorded close to $2 billion in revenue; Pinsent Masons, which saw a PEP increase of 16 per cent; IPH, which acquired a Canadian IP firm as it announced its end-of-year results; and PEXA, which settled more than $900 billion in the last financial year.
