The London office has also seen profitability rise 48 per cent, with profit for distribution among members up from £47.2 million to £70 million. The total number of fee earners at the firm, excluding partners, increased from 306 to 340 and the firm hired ten new partners in the City in 2016, according to the firm's LLP accounts. The upward trajectory for Baker McKenzie is set to continue as plans are afoot to expand the firm's London transactional practices with between 10 and 20 new partner level lawyers over the next three years.
Other successes
Other firms seeing turnover on the up in the City include Sidley Austin, Travers Smith and Mischon de Reya which all experienced double digit increases, with Travers - which has experienced double digit growth for the second consecutive year - lifting its top paid member to £1.5m from £1.3 million last year. For Travers, revenues jumped from £105.2 million to £120.3 million over the year to 30th June 2016, representing a 14 per cent increase. Operating profit at the firm grew 12 per cent from £52.4 million to £58.5 million. Mishcon saw its turnover up 18 per cent to £130 million from £110 million for the year to 9th April 2016 and also saw operating profit increase from £40.6 million to $45.1 million.
On the up
Sidley Austin was the best performing US firm seeing its London turnover boosted by 17 per cent in 2016, hitting £75.2 million for the firm's last financial year. White & Case also experience an uptick with with a 4 per cent increase in turnover to $290 million. However, this performance contrasted with a 22 per cent City increase in 2015.
Downward trend
Meanwhile, other US firms reported a mixed bag of results, with Reed Smith seeing London turnover drop 5 per cent to £129 million in 2016 from £135 million the year before. Firms including Debevoise & Plimpton, Akin Gump Strauss Hauer & Feld and King and Spalding all saw City turnover dip in the year. For more information see the 2017 Global London report
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