Baker & McKenzie has reported global turnover growth of 20 per cent in the 2007 financial year with total income rising to $1.829bn (£910m).
The bulk of this – 41 per cent ($750m, £373.1m) – came from Europe and the Middle East with 35 per cent of revenue coming from North and Latin America and the remainder from Asia Pacific. This is the same breakdown as last year.
The firm’s average profit per equity partner (PEP) figure rose by 22 per cent over the year, breaking the $1m level for the first time. As a result, partners pocked an average of $1.063m (£530,000).
According to the firm, this is the third consecutive year of double-digit revenue growth.
John Conroy, chairman of the firm’s executive committee, said: “We have focused on a strategy that has been at work for three years and now we are seeing the fruit of those efforts. We have focused on five key areas and leveraged off our global platform.”
The key areas the strategy centres on are deepening major client relationships, enhancing core practices, expanding in key geographic markets, especially leading financial centres, better managing talent to ensure consistently high quality of service globally, and improving profitability.
Conroy added: “As part of the strategy we estimated some financial targets and the number we achieved this year was the number we aimed to achieve in fiscal year 2008.”
As such, the firm’s executive committee will meet next week to set new targets and come up with a strategy to achieve them. Conroy said the strategy is likely to reflect the existing one though at more ambitious levels.