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Baker & McKenzie has unveiled its 2012/13 financial results, posting a record global turnover along with double-digit growth in average profit per equity partner (PEP) for the financial year ending 30 June.
Bakers’ global fee income totaled $2.419bn last year, a rise of 5 per cent, while PEP rose 10 per cent to $1.2m. Net profit was $862m.
The chairman of Bakers’ executive committee Eduardo Leite said revenue growth had been steady across all of the firm’s regions, while the positive financial results reflected both organic growth and expansion into new offices in Casablanca, Lima and Seoul.
Leite added that the improved figures followed a year of investment in 2011/12 in new locations, lawyers and support professionals for Bakers’ global client teams.
“The benefits of these investments are starting to show,” added Leite. “This growth was projected, expected and hoped for.”
Bakers’ breakdown of revenue by region last year saw EMEA contribute 37 per cent, Asia Pacific 28 per cent and the Americas 35 per cent.
Leite said there had been an uptick in a number of areas including M&A, Asian securities, and highly regulated matters such as tax, compliance and the growing area of cyber security.
Leite said Bakers’ emphasis on becoming a more client-driven firm had had a positive effect on revenue and profits despite it being another challenging year for the global economy.
“We continue to control our costs while still making investments in our talent and global platform to serve our clients better,” added Leite. “We are doing today what most of out clients in the service industry learned to do 20 years ago.”
Over the last year, Bakers has added 60 lateral partners in key practice areas and jurisdictions, bringing the total number of lawyers to more than 4,100 in 74 offices in 46 countries.
Notable multi-jurisdictional deals Bakers worked on last year included Carlsberg Group’s $1.2bn public offer to buy Baltika Breweries; Toyota Tsusho’s agreement with PPR to expand its automotive business in Africa; and the $19.6bn debt financing of Softbank’s acquisition of a 70 per cent interest in Sprint.