Global law firm, Baker McKenzie, has announced revenues for the fiscal year ended 30 June 2018 (FY18) of $US2.9 billion.
In terms of constant currency, Baker McKenzie's revenues were up 10 percent compared with the previous year. In US dollar terms, the firm's reporting currency, this translates into growth of eight percent. At the same time the firm announced that profits per partner were up by 13 percent to $1.44 million.
Across the world, Baker McKenzie’s revenue spread by region was as follows: Asia Pacific 26 percent, EMEA 39 percent, Americas 35 percent.
Baker McKenzie’s chair, Paul Rawlinson, said: "Our excellent financial results -- including a 13 percent increase in PPP -- are based on long-term partnering with clients to create that magical 'win-win' through trust: delivering what clients’ value wins repeat business and allows us to invest for the future."
The firm said it has experienced significant growth across nearly all of our practices and industry groups. Especially strong practices in FY18 included trade, employment and capital markets. Financial institutions and healthcare groups were the highest growth industry sectors.
During FY18, the firm hired 53 lateral partners and continued to focus on bolstering its transactional capabilities, in particular in London, New York and China, which accounted for a quarter of all new hires worldwide.
In June Baker McKenzie announced the election of 67 new partners. This took the number of partners worldwide to 1,600 as of 1 July 2018. Women comprised 40 percent of the new promotions, with 42 percent of the firm’s lawyers and 26 percent of its partners women.
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