Now in Legal Rebels:
Posted Aug 11, 2014 12:10 pm CDT
Baker & McKenzie has reported revenue of $2.54 billion in the fiscal year ending in June, putting it in the lead in the revenue rankings.
The firm’s earnings put it ahead of DLA Piper, which was No. 1 last year with 2.48 billion in revenue, report the Am Law Daily (sub. req.) and the Wall Street Journal (sub. req.). The $2.54 billion figure is a 5 percent increase over last year’s earnings.
Baker & McKenzie reported profits per equity partner of $1.29 million, net income of $910 million, and revenue per lawyer of $600,000. The Wall Street Journal notes that “high-end rivals” have higher profits per partner, ranging from $2.5 million to $4.7 million.
Baker & McKenzie has 1,430 partners after hiring 56 lateral partners and promoting 65 lawyers to partner. The firm opened several offices this year, including offices in Dubai and Myanmar. “Our strategy has been to be global, to be where the clients are,” Baker executive committee chairman Eduardo Leite told the Wall Street Journal.
Leite told the Am Law Daily that an increase in mergers and acquisitions work put its revenue from transactional practices above $1 billion for the first time. He called the figure “a very rewarding number and achievement because since the global financial crisis, we have been hoping that transactions that are a multiplying factor for other practices would come back.”
DLA Piper operates on a calendar year and could still catch up with Baker & McKenzie in 2014, the Wall Street Journal says.