A return to \’normal\’ following the pandemic has seen Baker & McKenzie record an increase in revenues and a flat profit for the year until 30 June 2022.
The revenues for the firm were up 5.5 per cent to USD3.3 billion, but the profits were on par with the 2021 year following what the firm describes as \’significant headwinds\’ and a \’normalized mode of operation\’, including investments in talent, technology and repurposes offices following the pandemic.
Baker McKenzie has announced revenues of USD 3.3 billion for the fiscal year ended 30 June 2022 (FY22), an increase of 5.5% compared to the previous year, and 8.2% on a constant currency basis.
The Firm\’s net income of USD 1.24 billion was on par with FY21 and reported a globally strong year for revenues, which increased 12.1 per cent, Asia Pacific increased 3.3 per cent, EMEA was up by 3.4 per cent and Latin America up by 4.1 per cent.
In terms of industry focus, Baker McKenzie continued to see expansion in the Healthcare & Life Sciences and Technology sectors, growing 9.6% and 8.8% respectively, while in the face of rising energy prices and the need to generate new capacity, the Energy, Mining and Infrastructure (EMI) sector has also become a major driver of activity, growing 10.8% in FY22.
Among the \’standout\’ areas of growth for the firm were Private Equity, which recorded 25.7 per cent growth, while M&A and Antitrust & Competition grew 9.2 per cent and 10.2 per cent respectively.
Real Estate growth was also one that saw major activity with many organizations seeking to occupy higher quality workspace, but at a reduced cost.
Milton Cheng, (pictured) Global Chair, Baker McKenzie said:
\”We have built on the success of the previous year to achieve record revenues once again, while continuing to invest strategically for the future.\”
\”Baker McKenzie\’s global reach, breadth and depth of our expertise, and local strength positions us well to help clients right through the economic cycle. With our size and scale, we have the ability to make targeted investments to adjust quickly to our clients\’ needs and underlying market trends, helping businesses to move from uncertainty to opportunity.\”