Baker & Mckenzie have fallen behind fellow international heavyweight DLA Piper as revenue drops by 4%. The $100m drop in revenue leaves the total at $2.43bn as opposed to $2.54bn in the previous year. The figures released for the 2014/2015 financial year mean that Baker & Mckenzie have slipped into third in the contest to be the largest global law firm. Latham & Watkins currently holds the title and tops Legal Business’ Global 100 with total revenue of $2.61bn in 2014.
Profit per equity partner (PEP) has also dropped by 12% from $1.29m to $1.14m. The firm has stated that it heavily blames the strength of the dollar against a range of different currencies as well as a one off delay in billing due to the introduction of a new technology platform.