Baker McKenzie posts 20% London revenue hike to hit £176m
Firm's London revenues rise 20% while profit grows by 48%
April 10, 2017 at 05:30 AM
2 minute read
Baker McKenzie's London revenues grew by more than 20% during the last financial year, while profit for distribution increased by 48%.
The figures are contained within limited liability partnership (LLP) accounts filed at Companies House, which cover the firm's London business.
London revenue grew from £145m to £176m for the year ending 30 June 2016, while profit for distribution grew from £47m to £70m.
The City results come after the firm posted an 8% firmwide revenue increase for 2015-16, against a 13% jump in profit per equity partner (PEP). The firm's global turnover rose to $2.62bn (£2bn) during the year to 30 June 2016, up from $2.43bn (£1.86bn) the previous year. Meanwhile, PEP grew to $1.3m (£1m).
The LLP accounts also reveal that Baker McKenzie's highest paid London partner in 2015-16 received £1.2m, a drop of more than 30% on the previous year, when the firm's top London earner took home £1.7m.
Last September, tax partner Alex Chadwick (pictured above) took over leadership of the firm's London office after Paul Rawlinson stepped up to the role of global chairman.
Chadwick said: "As a firm, we are extremely focused on helping our clients to be successful in these complex and volatile times and ensuring we provide them with the right knowhow, industry expertise and innovative service delivery. Our strong London results are a good example of how this client focus is working for us. Looking ahead, I want to capitalise on this momentum by continuing to drive growth across our transactional practices, improving profitability and ensuring that we continue to win significant client mandates."
Last month, Rawlinson laid out the firm's 2020 vision including focusing on major industrial clients and aiming to ramp up transactional headcount in New York, London and China. The firm currently has 95 partners and nearly 400 lawyers in London, and 54 partners and 116 lawyers in New York.
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