Baker McKenzie has reported its highest ever annual revenue with Asia Pacific contributing more than a quarter.
The firm saw revenues rise 10% in constant currency terms to U$2.9 billion (8% in US dollar terms) while profits per partner gained 13% to $1.44 million.
The record high for the firm is just short of the $3 billion threshold which has been surpassed by Kirkland & Ellis, and Latham & Watkins. Baker McKenzie is the third richest law firm in the world.
Revenue was led by EMEA (39%) and the Americas (36%) while Asia Pacific contributed 26%.
The firm’s chair Paul Rawlinson said the results reflect the firm’s “long-term partnering with clients to create that magical 'win-win' through trust: delivering what clients value wins repeat business and allows us to invest for the future."
He added that investment in innovation is ongoing and will help drive efficiency and quality of services. Revenues generated from new solutions will become an increasing part of the firm’s success.
“We estimate that our use of alternative legal services in Belfast, our e-discovery platforms and our use of legal project management are already bringing significant efficiencies and savings to our clients and more than $50 million in annual revenue to support our core legal services on high-value mandates,” he explained.
Cooley helps LegalZoom secure $500 million investment
Technology-focused law firm Cooley has advised online legal services platform LegalZoom in a secondary investment of U$500 million.
LegalZoom offers a range of legal documents and services that clients can access without necessarily using the services of a lawyer. It has recently launched new solutions aimed at small businesses and families.
Cooley partner Tom Hopkins has led the team advising the company on the investment led by Franciso Partners and GPI Capital.
“We’re excited to partner with an impressive set of new growth equity investors that will support our efforts to democratize law,” said LegalZoom CEO John Suh in a news release.
Dentons Rodyk strengthens corporate team
Singapore-based Dentons Rodyk has hired Yi Jing Teo as a partner in its corporate practice group.
She has more than 15 years’ experience including private practice with Shook Lin & Bok, and Rajah & Tann. She joins Dentons Rodyk from investment firm Charles-Lim Capital.