Baker & McKenzie has announced a record worldwide fee income of US$2.313 billion, up 2.1 percent, for the year ended June 30, 2012.

Revenue gains were driven by double-digit growth in Latin America and a more modest single-digit increase in Asia Pacific. Revenues were flat across North America and Europe, the Middle East and Africa.

The Asia Pacific region accounted for 28 percent of the global income. Public company M&A improved in the region, but more slowly than in recent years, while private company M&A work declined modestly. Tax, international arbitration, real estate, intellectual property, IT/communications and employment were busy, along with work related to loans and credit facilities.

Profit per equity partner was US$1,090,000, on net income of US$790 million, versus US$1,200,000 in FY11. "Our results reflect our return to investments that were deferred during the recent crisis years as well as the challenging circumstances confronting our clients in an uncertain global economy," said Eduardo Leite, chairman of Baker & McKenzie's executive committee. "We continue to see clients act on impressive strategic transactions and financings, but with more caution and financial discipline.”
In the past 12 months the firm has made heavy investments in strategic markets, including new offices in Turkey, South Africa and Morocco as well as key lateral hires in North America, Europe and Asia Pacific.

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