Baker & McKenzie PPP Down 17%, as Global Revenue Drops 3% to $2.11B
Over the past five years, megafirm Baker & McKenzie almost doubled its revenue. But last year didn’t go as well for the Chicago-based international goliath, which earns about two-thirds of its income outside the United States.
A disastrous economy and a weak dollar combined to cut the firm’s global revenue by 3 percent during fiscal year 2009, bringing profits per partner down by 17 percent, according to figures the firm released today by the firm and reported by the American Lawyer and the London Times.
The firm brought in a total of $2.11 billion during the fiscal year that ended in June, and even after the revenue plunge partners were still making an average of $992,000, notes the American Lawyer.
Profits were hit even harder in the firm’s London operations, where partners saw their income plummet by 33 percent, the Times reports.
Despite the firm’s proactive efforts to adjust to the financial crisis, including an increased emphasis on outsourcing and a beefed-up restructuring practice, “the financial crisis progressed into an economic recession that has been very challenging for our clients, for all law firms and for us,” says partner John Conroy. He chairs the firm’s executive committee.
Earlier related coverage:
ABAJournal.com: “Clifford Chance May Lose #1 Spot, as Revenue Drops 5% to $2.04B”
ABAJournal.com: “Baker & McKenzie Reportedly Cuts Pay for Some Associates”
ABAJournal.com: “Baker & McKenzie to Lay Off 11% of Lawyers, Professionals in China”
