Global law firm Baker McKenzie has reported robust financial results, announcing revenues of USD $3.3 billion for the fiscal year ending on June 30, 2023 (FY23). Despite facing challenges such as the impact of spinning off the firm’s former Russian operation, reduced deal flows, and adverse currency and inflationary pressures, Baker McKenzie’s core strength as a leading global law firm has shone through.
These strong results, on par with the previous year and reflecting a 2.5% growth on a currency-neutral basis, highlight the firm’s resilience against market uncertainties. Net income also remained consistent with the previous year, reaching $1.2 billion.
Baker McKenzie achieved notable growth in key sectors, particularly manufacturing, healthcare, and energy and infrastructure, where the global energy transition fueled increased activity. In terms of practice areas, the firm demonstrated strong performance in Employment & Compensation (6%), Projects (4%), M&A (4%), and Antitrust & Competition (19%), with the transactional teams successfully closing a series of landmark deals.
Geographically, the Americas experienced significant growth, with both North and Latin America witnessing a 3.8% currency-neutral revenue increase. Several other major markets, including the UK, Spain, Switzerland, Singapore, and Thailand, also performed well.
Milton Cheng, Global Chair of Baker McKenzie, commented on the results, emphasizing the firm’s commitment to advising clients on complex transactions and navigating challenging legal issues. Leading companies worldwide continue to entrust the firm with major transformations and regulatory complexities, recognizing Baker McKenzie’s expertise in providing solutions.
Baker McKenzie remains dedicated to inclusion and diversity, fostering an environment where all employees can excel in serving clients. The firm continues its efforts to support and implement the UN Sustainable Development Goals.
Key transactions in the fiscal year included:
- Advising Safran in its Contemplated Acquisition of Collins Aerospace’s Actuation and Flight Control Business
- Advising Sika on the divestment of MBCC Group’s business to INEOS
- Advising Gaw Capital on its USD 3 Billion Gateway Real Estate Fund VII
- Advising Emerson on the $14 billion sale of its Climate Technologies business to Blackstone
- Advising Iberdrola in the sale of more than 8,400 MW of combined cycle gas in Mexico for USD 6 billion
- Advising Colt Technology Services on the entry into an agreement regarding the acquisition of Lumen Technologies’ EMEA business for $1.8 billion.