Bakers posts profit hike for 2005

US firm Baker & McKenzie has increased gross revenue by 10 per cent to hit US$1.352bn for 2005, at the same time as bolstering average profits per partner (PPP) by 15 per cent.

The firm’s financial results for its 2005 fiscal year, which ended 30 June, saw average PPP increase for the second year in a row to reach $750,000. This followed a similar 10 percent increase in PPP in 2004 when partners received $654,000.

The Europe and Middle East region remains the firm’ s largest contributor, generating 43 per cent of turnover. This compared with 33 per cent generated in the Americas and 24 per cent from Asia.

The US practice’s share of the firm’s turnover has been decreasing in since 2002, dropping 4 per cent in the last three years. But the US arm is hoped to rebound in the 2006 financial year, following the firm’s hire of 26 partners from the New York HQ of Coudert Brothers

Baker & McKenzie’s chairman John Conroy said the improved financials were the result of investment in the firm’s core practices in recent years and a strengthening of cost control across its international network.