Baker & McKenzie has reported a 20% increase in global turnover with profits per equity partner breaking the $1m (£502,000) mark for the first time, the New York Law Journal reported this morning (16 August).

The international firm announced today its third consecutive year of double-digit growth in revenue, with the 20% increase taking global fee income to $1.829bn (£918m) for its most recent financial year, which ended 30 June.

The increase represents significant growth on last year's results, when the firm reported a 13% increase in revenue. Nearly half of the revenues (41%) were generated from Europe and the Middle East, with 35% coming in North and Latin America and 24% in Asia.

The firm's profits per partner (PPP) figure increased by 22% to hit nearly $1.063m (£533,000) – the first time ever the figure has broken $1m. It means that in the last three years the firm has increased PPP by 63%.

Commenting on the results, John Conroy (pictured), chairman of Bakers' executive committee, said: "Our strong financial results demonstrate that major clients increasingly value the breadth and depth of services we provide, especially as they look to rationalise the number of law firms they use in the world."

Earlier this summer Bakers' London arm reported a 12% increase in revenues to £112m and a 16% increase in partner profits to take it above £600,000 for the first time.