BAKERS IS WORLD
17 Aug, 2011
Baker & McKenzie Announces Record Results
Baker & McKenzie today (17th August) reported record global fee income and its second-highest profits per partner (PPP) ever for its FY11 financial year ended June 30, 2011.
Global fee income totalled US$2.27 billion, up 8 per cent, while PPP rose 7 per cent, to US$1.2 million. PPP last exceeded US$1.2 million in FY08. The results mean that Baker & McKenzie can once again take its position as the largest firm in the world by turnover, overtaking Skadden Arps Slate Meagher & Flom, whose turnover in the last financial year was $2.15bn.
“These are remarkable results, given a sluggish world economy, disruptions to global supply chains following a tsunami and nuclear accidents in Japan, temporary office shutdowns amid unrest in the Middle East and strong competitive pressure on fees,” said Eduardo Leite, Chairman of the Executive Committee.
Revenues increased in all regions, led by particularly strong growth in Asia Pacific and the Latin America offices within the Firm’s Western Hemisphere practice. Results also reflected modest currency exchange benefits.
“FY11 illustrated the power of our unrelenting focus on our clients and the definitive impact of the breadth and depth of our global platform,” Leite said.
Results benefited from the Firm’s regional spread, the opening of offices in Luxembourg and Qatar, a revival in deal activity – notably in and among emerging markets – the depth of the Firm’s financial market presences, and a strong energy and natural resources practice in Asia Pacific, the Gulf and Latin America where client activity has been particularly robust.
Baker & McKenzie received several prestigious awards and rankings over the last year, including:
• The International Law Office 2011 Client Choice Firm – International Award for excellence in client care and quality of service.
• Selection to BTI Consulting’s 2011 Client Service A-Team list, for the fourth time in five years.
• Top ten ranking in the mid-year 2011 Thomson Reuters M&A league table for Worldwide Completed and Announced transactions by number of deals. The Firm ranked #1 for Any Emerging Market Involvement Completed (by deal count) in Thomson Reuters Emerging Markets League Tables.
• mergermarket ranked the Firm in the top ten for Global M&A and Global Buyouts by volume. Overall, the Firm was ranked among the top ten in Asia Pacific, Europe/Middle East, and Latin America in all three major league table organizations.
Recent high-profile deals include: Fresenius Medical Care’s US$1.7 billion acquisition of Liberty Dialysis Holdings, Inc.; Ecolab’s US$8 billion merger with Nalco; Ensco Plc’s acquisition of Pride International Inc. for US$7.3 billion; China Construction Bank’s US$9.2 billion global rights offering; AXA Private Equity’s US$740 million Barclays acquisition; and Axcan’s acquisition of Eurand.
In its 2010 Global Elite study, Acritas, a leading market research firm, found that Baker & McKenzie for the second consecutive year had the strongest law firm brand worldwide based on its high levels of awareness and favorability with 2,000 of the world’s largest law firm clients.