denotes premium content | Nov 19 2008 
News
posted 27 Aug 2008
Baker & McKenzie posts profits surge
INTERNATIONAL LAW firm Baker & McKenzie has posted an 18 per cent rise in profits for the 2008 fiscal year, which it attributes to a strategic shift dating back to 2004.
In that time, the firm says, profits per partner have risen by an impressive 85 per cent, alongside a 16 per cent increase in the number of partners worldwide.
The strategy comprises five key management areas: improving client relationships; enhancing core practices; expanding in key geographic markets; improving talent management; and, critically, improving profitability to attract that talent in the first place.Executive committee chairman John Conroy said the firm had triumphed “in an economic environment with considerable uncertainty”.
“Our fourth straight year of double-digit revenue growth clearly demonstrates that clients increasingly desire the top quality, global integrated services that we are committed to provide,” he added.
“Not only clients, but also potential recruits, are coming to appreciate and understand the strength of our platform, and so, we are experiencing worldwide an unprecedented number of approaches from top quality talent.”
The firm’s global fee income increased approximately 20 per cent to US$2.19bn.
