Bakers wins place in global top five

Baker & McKenzie has broken the $1.5bn (£801.44m) revenue mark for the first time, placing it among the five largest firms in the world. Bakers’ revenue hit $1.52bn (£856m) during the 2005-06 financial year, up by 13 per cent from $1.35bn in 2004-05. Meanwhile, net profit rose by an impressive 24 per cent to $565m (£318m). Chairman John Conroy attributed the results to a four-pronged strategy: growth in China, London, New York and Tokyo; a focus on M&A, banking and finance, private equity and securities; developing relationships with key clients; and improving cost management.