The firm held onto the crown of largest world firm by turnover, fending off Anglo-US rivals DLA Piper and New York white shoe firm Skadden, which turned over $2.24bn and $2.16bn respectively in calendar year 2011, reports The Lawyer newspaper.
According to the firm, significant gains were made in Latin America – particularly by its Brazil office – while a modest increase was also posted in the Asia-Pacific region. Revenues were flat across North America and Europe, the Middle East and Africa.

Financial discipline

Eduardo Leite, chairman of Baker & McKenzie's executive committee, commented: ‘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… We continue to see clients act on impressive strategic transactions and financings, but with more caution and financial discipline.’
Baker’s results come a little more than a month after London magic circle firm Clifford Chance reported a 7 per cent increase in both revenue and profit per equity partner, raking in revenues of £1.3bn. Fellow Londoners Allen & Overy announced a 6 per cent rise in turnover with a flat PEP figure, while Linklaters reported a more modest 0.6 per cent rise in revenue and a 1.2 per cent increase in overall profits.