International firm Baker McKenzie has announced flat income levels for the second year in a row.
The firm yesterday announced global revenues of $3.3bn (£2.7bn) for the year ended 30 June 2023, a figure which was ‘on par’ with the previous year, which itself had been unchanged compared to 2021. The firm did not disclose profit figures.
Describing them as ‘strong results, the firm said it had faced challenges including the financial impact of spinning off the firm’s former Russian operation, reduced deal flows across markets, and adverse currency and inflationary pressures. Baker McKenzie said its core strength had provided a ‘natural hedge against market uncertainties’.
Growth was reported in sectors such as manufacturing, healthcare and energy and infrastructure, driven by the global energy transition.
From a geographic perspective, the firm saw ‘substantive growth’ across the Americas, with North and Latin America each seeing a revenue increase of 3.8%, while many of the firm’s larger markets elsewhere including the UK, Spain, Switzerland, Singapore and Thailand ‘also performed well’.
