Baker McKenzie has posted modest global revenue and profit per equity partner (PEP) increases for 2018-19 – a year in which the firm faced a "challenging" market.

Global revenues at the firm grew 4.4% to $2.92 billion on a "constant currency basis", according to the firm's latest financial statement. However, once the "adverse affects of the currency exchange" are accounted for, growth shrinks to 1.2%.

Meanwhile, PEP rose 3% to $1.48 million, as overall net income edged up 2% to reach $1 billion.

This year's figures represent a curbing of last year's growth, when global revenue jumped 8% and PEP climbed 13% to break £1 million.

The firm's Latin American offices made the strongest showing, posting revenue growth of 9%, while the EMEA region recorded a 5.2% rise. Meanwhile, North American revenues grew by 4% and inched up 2.1% in the firm's Asia-Pacific offices.

In a statement, Baker McKenzie's acting chair Jaime Trujillo highlighted that the firm had experienced "profitable growth", "despite the distinct geopolitical headwinds throughout the second half of the year, which prompted our clients to cancel or postpone projects". He suggested that recording 4.4% growth "in a market as challenging as this", was "a good result".

Speaking to Legal Week, he added that this had nevertheless been a "standout year" for the firm's bases in London, Argentina and Columbia, which each saw "double-digit growth". He also marked out the firm's labour, employment and international trade practices as strong growth areas.

"We have been prepared for what we anticipate to be a year of financial downturn," he added, "but we are forging along our strategy and making an aggressive push in our transactional practice."

Earlier this year, the firm kick-started its London managing partner race, with Alex Chadwick's term finishing at the end of the year.