Bakers sees revenues hit record levels

Elizabeth Fournier
CITY law firm Baker & McKenzie regained its position as the world’s largest law firm by revenues yesterday, reporting a record global income of $2.27bn (£1.37bn), a rise of eight per cent from last year.

The growth in revenue was led by strong performances across the firm’s Asia Pacific and Latin America offices, particularly in its energy and natural resources practices.

Over the past year Baker & McKenzie said it had opened new offices in Qatar and Luxembourg, and increased headcount from 3,738 to 3,805.

During the reporting period, partners at the firm’s 400-strong London office have been advising oil and gas company Ensco on its £4.4bn bid to acquire US rival Pride, and the acquisition of Barclay’s private equity assets by AXA PE.

It also worked on March’s acquisition by Itochu of Kwik Fit from PAI Partners for £637m.

Profits per equity partner at the firm rose to $1.2m, the first time they’d hit such levels since 2008.

Though the firm did not provide a regional breakdown of office’s performance, chairman Eduardo Leite (pictured) said he was pleased with progress in London, Baker & McKenzie’s largest office.

“We are happy with London’s performance,” said Leite, who heads up the executive committee. “We believe as a firm, both globally and in London, we have emerged from the downturn in a stronger market position than we went into it.”