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Going Global Pays: Baker & McKenzie Tops the World's Law Firms
On Monday, Baker & McKenzie proudly announced achieving record global revenues of USD 2.54 billion in 2014. The law firm witnessed an increase of 5% year-on-year against the 2013 financial year. Claiming that almost all revenue growth in the past year has been organic, it stated that Baker & McKenzie is now the world's largest law firm by revenues, markets and headcount.
A large part of the success of the firm could be attributed to its tapping into global regional markets and markets of emerging economies. In 2014, it opened two new offices in Asia including Yangon and Myanmar and two new offices in the Middle-East including Dubai and the UAE. The law firm proudly claimed it to be the "most global law firm with revenues spread by regions as follows: Europe, Middle East and Africa: 38.5%, Asia Pacific: 26%, the Americas: 35.5%."
Speaking on the global spread of the law firm, firm chairman Eduardo Leite said, "Baker & McKenzie defined the global law firm in the 20th century, and we are redefining it to meet the challenges of the global economy in the 21st by becoming even more competitive, strategically agile and above all focusing on client satisfaction. We have been passionately global since our founding 65 years ago and that is reflected in our continued expansion into new markets, and the recruitment of new lawyers and professionals around the world. "
In its featured post, the law firm highlighted its principal achievements in topping in revenues including the following:
Fist law firm to break the $2.5 billion revenue barrier since the global financial crisis
World's largest law firm by revenues, markets and headcount
Profits per Equity Partner increased by 7% to $1.29 million
Total revenues increased by 5%
During FY14, we hired 56 lateral partners and in July the Firm announced it had elected 65 new partners from within our ranks
During FY14 we grew our overall full time equivalent (FTE) lawyer numbers to 4,245 of whom 1,430 are partners. 29% of our partners are women. Overall FTE headcount now stands at 10,896
In FY14 we opened new offices in Yangon, Myanmar and Dubai, UAE
Speaking on the financial results of the firm, Chairman Eduardo Leite said, "We continue to break new ground and lead the legal profession, whether it is being the first law firm to exceed the $2.5 billion revenue barrier since the financial crisis, providing clients with the commercial solutions they require or by opening new offices in growth markets to better serve our clients."
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