Law firm Bakers retains top spot as revenues rise

 
Elizabeth Fournier
BAKER & McKenzie confirmed yesterday it is still the world’s largest law firm by revenues, as it released global numbers showing a 2.1 per cent rise in fee income.

Fee income from its 71 offices around the world hit $2.3bn (£1.45bn) in the year to 30 June, with strong growth in Latin America and Asia driving revenues.

But profit per equity partner edged down slightly to $1.09m on income of $790m, compared to $1.2m last year.

The dip reflected weaker developed markets, and heavy investment in office openings in emerging markets including Turkey and Morocco, the firm said.

“Our results reflect our return to investments that were deferred during the recent crisis years as well as the challenging circumstances confronting our clients in an uncertain global economy,” said the firm’s chairman, Eduardo C Leite.

Revenues across North America, Europe, the Middle East and Africa, which together make up 72 per cent of the firm’s total turnover, were flat, with a drop in activity across the M&A, banking and finance groups.

On the flipside restructuring work, corporate compliance and tax planning saw strong demand, as did antitrust and competition matters.