Chicago, August 14, 2008 (LAWFUEL) – Baker & McKenzie today announced its fourth consecutive year of record-breaking growth in revenue and net income. The Firm reported that its global fee income increased 20% to US$2.19 billion in its 2008 fiscal year (ended June 30, 2008), which reflected double-digit growth in all of its regions, with Europe/Middle East remaining the largest region (42% of global fee income), followed by the Americas (32%) and Asia Pacific (26%).
The Firm also reported that profits increased 18% over the prior year. Since adopting a more focused global Firm Strategy four years ago that included improving profitability to attract and retain the highest quality legal talent, Baker & McKenzie’s profits per partner have risen 85% at the same time that its partner ranks have grown by 16%.
John Conroy, Chairman of Baker & McKenzie’s Executive Committee, said: “In an economic environment with considerable uncertainty, our fourth straight year of double-digit revenue growth clearly demonstrates that clients increasingly desire the top quality, global integrated services that we are committed to provide. As a result, we expect to continue to grow as more corporate and financial institutions appreciate the depth and value of our global platform. Not only clients, but also potential recruits, are coming to appreciate and understand the strength of our platform, and so, we are experiencing worldwide an unprecedented number of approaches from top quality talent.”
Baker & McKenzie’s Strategy focuses on five key performance areas: deepening major client relationships; enhancing core practices; expanding in key geographic markets; developing best practices in talent management to ensure consistently high quality of service globally; and improving profitability as a key enabler of the strategy.
In addition to the Firm’s record financial results, Mr. Conroy noted that Baker & McKenzie received several major honors and awards over the past year, including:
– In a survey for PLC Which lawyer?, more than 5,000 in-house counsel named Baker & McKenzie “International Law Firm of the Year,” a recognition shared with another firm. Baker & McKenzie also was named the leading law firm in four of 11 regions (Middle East, Central & Eastern Europe, Latin America and Asia).
– The Firm ranked #3 (of 505) in the latest BTI Client Service A-team report and is in the top 15 (of 116) in BTI’s “Master of the Deal” report. Baker & McKenzie is also among BTI Consulting’s Power Elite rankings of the 20 law firms deemed to have the “absolute best client relationships” in a survey of Fortune 1000 companies.
– Baker & McKenzie became the first law firm to receive a Corporate Social Responsibility Award from the Foreign Policy Association.
– The Firm has received the China Client Choice Award from the International Law Office (“ILO”) for three consecutive years. Baker & McKenzie is the leading and largest global firm in the world’s most dynamic growth market, China. The Firm has had a presence in China for nearly 35 years, and has more than 200 lawyers in three offices.
The Firm has also added top talent in many of its key practice areas, including: former United States Deputy Attorney General Paul McNulty, and former Senior Counsel to the United States Deputy Attorney General Joan Meyer (Dispute Resolution); Nikolaus Reinhuber (Corporate/M&A); Igor Makarov (Corporate/M&A) and Konstantine Kouzine (Real Estate) with a team of 20 lawyers; and Richard Boykin and Ken Okawara (Tax).
Mr. Conroy added: “We are very grateful for this encouraging client response to the extraordinary efforts of our lawyers and professional staff around the world. We remain confident that we are on the right track, but we also know there’s much more to be done if we are to achieve our ambition to position Baker & McKenzie as the premier global law firm.”