- Revenues up 5.5% for year ending 30 June 2022; a new record
- Record profitability maintained
- Strong performance despite significant headwinds
- Developing and investing in new talent a key priority
Baker McKenzie has announced revenues of USD 3.3 billion for the fiscal year ended 30 June 2022 (FY22), an increase of 5.5% compared to the previous year, and 8.2% on a constant currency basis.
After a record jump in profits in the previous financial year, the Firm's net income of USD 1.24 billion was on par with FY21, despite a partial cost rebound in recent months as the Firm returns to a more normalized mode of operation post pandemic, and continues to make strategic investments in new talent, technology and repurposing premises for the post-Covid era.
Across the world, North America had a particularly strong year, with a revenue increase of 12.1%, while Asia Pacific revenues were up 3.3%, EMEA higher by 3.4% and Latin America up by 4.1%.
In terms of industry focus, Baker McKenzie continued to see expansion in the Healthcare & Life Sciences and Technology sectors, growing 9.6% and 8.8% respectively, while in the face of rising energy prices and the need to generate new capacity, the Energy, Mining and Infrastructure (EMI) sector has also become a major driver of activity, growing 10.8% in FY22.
On the practice front, Baker McKenzie saw several standout areas, most notably Private Equity, which recorded 25.7% growth, while M&A and Antitrust & Competition grew 9.2% and 10.2% respectively. Real Estate was also a very active space, with many organizations looking to negotiate less, but higher quality, work space.
Milton Cheng, Global Chair, Baker McKenzie said:
"We have built on the success of the previous year to achieve record revenues once again, while continuing to invest strategically for the future."
"Baker McKenzie's global reach, breadth and depth of our expertise, and local strength positions us well to help clients right through the economic cycle. With our size and scale, we have the ability to make targeted investments to adjust quickly to our clients' needs and underlying market trends, helping businesses to move from uncertainty to opportunity."