Baker is no longer No. 1 for gross revenues; its chairman sees flat market for legal services
Baker & McKenzie has been ousted from its No. 1 spot on a list of top grossing law firms.
The firm held the top position in the American Lawyer revenue rankings for the last three years, but it has been overtaken this year by DLA Piper, the Am Law Daily reports.
Baker & McKenzie’s gross revenues for the year ending June 30 were $2.42 billion, still an all-time high, while DLA’s were $2.44 billion. Baker leads in head count, with 4,097 lawyers. DLA is close behind with 4,036 lawyers.
Baker & McKenzie’s global chairman Eduardo Leite tells the Am Law Daily he believes the firm’s revenues next fiscal year will grow by 3 percent to 5 percent. He believes the market for legal services will be flat, and law firms won’t grow unless they move into new markets or take market share from other firms. Baker & McKenzie has opened several offices since last May, in Casablanca, Johannesburg, Peru, Korea and the United Arab Emirates.
“Competition [in North America] is huge and many firms are suffering,” Leite told the Am Law Daily. “It’s becoming highly competitive on pricing.”