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Revenue Flat, But Profits Up at Baker & McKenzie
Baker & McKenzie sung a familiar tune when it reported its financial results for fiscal year 2010 to AM Law Daily. Profits per equity partner at the 3,570-lawyer strong firm shot up 13 percent to $1.125 million, which is despite only a small 0.4 percent bump in revenue to $2.1 billion.
Like many firms dealing with the recession and its aftermath, Baker & McKenzie made cuts in expenditures to help prop partners’ profits. Among the moves was delaying some capital expenditures, AM Law Daily reports.
John Conroy, chairman of the firm’s executive committee, told the publication emerging markets in Asia and Latin America performed well for Baker & McKenzie. Specifically, the firm had to beef up staff in Brazil because of demand and the Asia Pacific region provided 26 percent of the firm’s total revenue.
Baker & McKenzie was founded in Chicago in 1949. The firm has 67 offices in 39 different countries.Revenue Flat, But Profits Up at Baker & McKenzie by joshua