Baker & McKenzie has overtaken DLA Piper to become the biggest law firm in the world by revenue, surpassing the US$2.5 billion barrier for the first time, the Financial Times reported Monday.
Bakers, which has a June 30 financial year-end, said revenues had risen 5 per cent to US$2.54 billion. Its equity partners took home US$1.29 million on average after profits per equity partner – a key metric of a law firm’s financial health known as PEP – up 7 per cent over the past 12 months.
DLA Piper, which like most US-headquartered firms follows a calendar financial year, said its revenues for 2013 stood at $2.48 billion and average PEP was US$1.33 million.
Bakers, which started in Chicago in 1949 and today has 4,245 lawyers in 76 offices around the world, said the past 12 months had been particularly strong for its banking and finance team, and its litigators and tax experts.
Like other large international law firms, Bakers is feeling the benefits of an uptick in mergers and acquisitions.
During the period Bakers advised Citic Metal, part of the Chinese consortium that bought the Las Bambas copper project in Peru from Glencore for US$5.85 billion.
It also advised Deloitte and lenders on the US$1.1 billion receivership of London’s Gherkin tower.
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