Revenues grew modestly last year and profits remained stable for the global law firm Baker McKenzie, as the legal industry adapts to lower client demand. Baker McKenzie said in a statement that profits have remained stable despite the partial increase in costs in recent months, as the company returns to a more normalized mode of operation after the pandemic and invests in talent, technology and space adjustments. Broken down by region, the company reported revenue growth of 12.1% in North America and slower growth elsewhere. Revenues increased by 3.3% in the Asia-Pacific region, 3.4% in EMEA and 4.1% in Latin America, according to the firm. Baker McKenzie said that certain notable practice areas that contributed to growth included private capital, which increased 25.7% in the last fiscal year.
Its mergers and acquisitions practice grew by 9.2%, while antitrust and competition increased by 10.2%, according to the firm. Industrial sectors, including health and life sciences, technology and energy, mining and infrastructure, also grew, according to the firm. Baker McKenzie has more than 5000 qualified lawyers worldwide, according to a spokesperson. Baker McKenzie reports a flat year, as the pandemic affects law firm revenues.
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