B&M London’s PEP rise leaves rest of firm trailing

Baker & McKenzie (B&M) has had a storming year in London, with profit per equity partner (PEP) shooting up 33 per cent from last year’s £335,000 to £445,000.

The London office comfortably outstripped the performance of the rest of the firm, which saw PEP rise just 3.3 per cent, from £363,000 last year to £375,000.

“It’s all in the turnover. We’ve had a much stronger year across the board and in particular a lot of the growth is corporate and banking-driven,” said B&M UK managing partner Gary Senior.

Turnover in London rose 9.5 per cent, from £84m at the end of the 2004 financial year to £92m. Across the globe, B&M’s revenues were up just 2.3 per cent, from £691m to £707m.

Senior said: “Last year was a poor one for us so we started from a lower base, but it’s well above what we were targeting. We set a target of £400,000. Costs have been reasonably static… and there were no big investments. It’s all about driving the revenue line.”

Corporate clients that have been particularly active include BP, EQT and United Business Media.