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Partner profits lifted at Baker & McKenzie
Baker & McKenzie said yesterday profits per equity partner at the firm jumped by 13 per cent to $1.13m for fiscal year 2010 – even as gross revenue at the 3,750-lawyer firm was essentially flat, falling 0.4 per cent to $2.104bn.
While Baker’s profits reversed course from last year’s 17 per cent drop, 2010 marks the second straight year of declining revenue for the firm. Baker was able to increase profits thanks to several cost-cutting measures including reducing capacity levels and delaying some capital expenditures. Emerging markets, specifically in Asia and Latin America, were key areas of opportunity for Baker in fiscal year 2010.