Baker Mckenzie boosts revenue and profit despite testing year
Global legal giant Baker Mckenzie said today its revenue grew 1.2 per cent to $2.92bn (£2.39bn) in the last financial year.
Baker Mckenzie has suffered a tough year with the shock death of global managing partner and former London chief Paul Rawlinson in April.
Read more: Law firm Baker McKenzie confirms death of global chair Paul Rawlinson
Additionally, former London managing partner Gary Senior is being prosecuted by the Solicitors Disciplinary Tribunal for alleged sexual harassment, with the firm also in the dock accused of a cover-up.
The firm’s acting chair Jaime Trujillo said: “There have been moments in the past year when the firm was tested as much as it has been in our 70-year history, but I am extremely proud of how we have come together and dealt with the issues that we have faced.”
On constant currency the firm grew revenue 4.4 per cent in the year to 30 June, with revenue growth of 1.2 per cent in dollar terms after the effect of adverse currency exchange.
Bakers said its London office, which is its largest, grew revenue 10 per cent.
Read more: Former Baker McKenzie London head Gary Senior to face prosecution for alleged sexual harassment
Profit-per-partner rose three per cent to $1.48m and overall profit rose two per cent to $1bn.
Trujillo said: “Recording 4.4 per cent growth in a market as challenging as this while maintaining our commitment to all of our offices and our full service offering is a good result.”
He added: “We are also one of the most geographically diverse professional services firms in the world, both one of our key strengths, and at times a challenge in markets impacted when the US dollar is so strong, as it was this past year.”
In May, the firm launched a new program, Pointone, aimed at communicating clear expectations for behaviour and providing accessible, safe paths for raising and managing concerns.
Key deals for the firm’s London office this year include advising on Hitachi’s $11bn acquisition of ABB, Equinix’s $1bn joint venture with GIC and Unilever’s €4.6bn (£4.2bn) acquisition of Horlicks and other consumer healthcare nutrition products from GSK.
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