Baker McKenzie saw revenue and profits per equity partner climb to new heights in 2017-18, with gross revenue reaching a record $2.9 billion across the global verein.
The firm’s revenue rose 8 percent year-on-year for the financial year ending June 30, while PPP climbed 13 percent to reach $1.44 million.
By region, Europe, the Middle East and Africa brought in 39 percent of Baker McKenzie’s revenue during the last financial year, while the Americas accounted for 35 percent and Asia-Pacific 26 percent.
Global chair Paul Rawlinson said the results came from the firm winning a greater market share as a result of closer client relationships, with profitability boosted by more efficient service delivery.
“Our strategy of deepening client relationships across industries is paying dividends,” Rawlinson said. “We’re getting a greater share across not just practices but jurisdictions too. We’ve also been spending time changing our delivery mechanisms to make sure we’re efficient as possible.”
To further increase efficiency, Baker McKenzie has recently launched a program that will see business services professionals working closely with partners to provide specialist support to clients, with the firm also rolling out third-party tech providers to more offices.
Baker McKenzie is also set to add to its existing legal service center offering, which includes Belfast and Manila in the Philippines, with the launch of another base later this year.
Rawlinson said the firm estimates that its Belfast center, e-discovery platforms and legal project managers are already bringing in more than $50 million a year in revenue.
During the last financial year, Baker McKenzie expanded its international reach—opening an office in Los Angeles and bringing in 53 lateral partner hires globally. Combined with new partner promotions, the firm reached 1,600 partners on 1 July, 26 percent of whom are women.
Last month, the firm took a significant step towards financial integration in its European operations, when London and seven other EMEA offices joined a new single profit pool.
Rawlinson said that over time further offices will join the new EMEA+ group, which is led by Baker McKenzie’s Brussels-based global head of antitrust, Fiona Carlin.
“We’re hoping we’ll add more offices to the group by next year, which should mean that the vast majority of the region is in a single profit pool,” Rawlinson said.