 By recording profits of US$2.54 billion in FY14, which ended June 30th, 2014, Baker & McKenzie recently became the first law firm to break the US$2.5 billion revenue barrier since the global financial crisis. As a result, the profit per Equity Partner was US$1.29 million for the year: a 7 percent increase on 2013. They also hired 56 lateral partners during FY14 and in July, announced the election of 65 new partners from within their ranks. The firm’s Chairman Eduardo Leite said “I am delighted and proud of how the 10,900 people of Baker & McKenzie have responded to the demands of our clients worldwide during the past twelve months. We continue to break new ground and lead the legal profession, whether it is being the first law firm to exceed the $2.5 billion revenue barrier since the financial crisis, providing clients with the commercial solutions they require or by opening new offices in growth markets to better serve our clients.” The firm’s standout practices for the fiscal year were Banking & Finance, Tax and Dispute resolution, which all saw significant growth, but M&A, Intellectual Property and Trade & Commerce were also largely responsible for their recent success and grew substantially. This year also saw the firm appointed to 35 major global clients’ panels. Amongst deals in Asia they credit as having been particularly important to their recent achievement are advising Japan-based Dai-Ichi Life Insurance on its US$5.7 billion acquisition of the New York Stock Exchange-listed Protective Life Corporation and their role in the US$5.85 billion acquisition of Las Bambas Copper Project in Peru by CITIC Metal as part of the Chinese consortium from Glencore Xstrata, which was one of the largest mining-related acquisitions by Chinese companies in recent years. Leite comments, “The market for legal services gets more competitive every year and the last twelve months were no exception, despite an improving global economy. Without the significant investments that Baker & McKenzie has made and continues to make in the quality and client-driven approach to our work we could not consistently win the external recognition of our practices or enjoy the breadth and depth of the client work in which we are engaged.” During FY14, Baker & McKenzie opened new offices in Yangon, Myanmar and Dubai, UAE. Founded in 1949, the firm currently boasts 76 offices in 47 countries. Further expansion into new markets planned for FY15 has already begun with the opening of their office in Brisbane, Australia in July. Leite concludes, “We have been passionately global since our founding 65 years ago and that is reflected in our continued expansion into new markets, and the recruitment of new lawyers and professionals around the world. We remain confident that the combination of our deep local roots and our strong common global vision, strategy, brand, culture and operating philosophy will continue to reinforce our ambition to lead our profession globally and offer our clients exceptional service wherever they are in the world.” |
