Baker McKenzie Announces Record Global Revenues of $2.92 Billion

  • Revenues up 4.4% with growth in all regions

  • PPP up 3%

  • Major program to drive global digitization and optimal client service delivery

  • Leading the sector for our people through Diversity & Inclusion

Baker McKenzie, the leading global law firm, has announced record revenues for the fiscal year ended 30 June 2019 (FY19) of $2.92 billion. In terms of constant currency, Baker McKenzie’s revenues were up 4.4% compared to the previous year. In US dollar terms, the Firm’s reporting currency, this translates into growth of 1.2%, after the effect of adverse currency exchange.

Baker McKenzie remains the most geographically diverse global law firm and all of our regions recorded growth as follows: EMEA +5.2%, AP +2.1%, LA +9.0% and NA +4.0%

All of our key financial metrics improved over last year: revenue growth, net income, profit margin, Profits per Partner (PPP), Revenue per Partner and Profits per Lawyer. We are especially pleased to accomplish this amid a market with flat demand. PPP was up by 3% to $1.48 million in US dollars. Overall net income or profit rose by 2% to $1 billion. Over the last decade the Firm has grown by 40% in terms of revenue and 50% in terms of PPP, outperforming most of our competitors.

Among our standout markets, all with significant double-digit growth, include Bogota, Buenos Aires, London, Prague, Turkey and Warsaw.

Baker McKenzie Acting Chair Jaime Trujillo says, “Recording 4.4 percent growth in a market as challenging as this while maintaining our commitment to all of our offices and our full service offering is a good result. The investments the Firm continues to make in legal services, the centers of excellence we have opened in lower-cost locations, and more effective partnering with clients, supported by long-term investments in industry, practice and client programs have enabled us to show profitable growth.

“This is despite the distinct geopolitical head winds throughout the second half of the year, which prompted our clients to cancel or postpone projects. We are also one of the most geographically diverse professional services firms in the world, both one of our key strengths, and at times a challenge in markets impacted when the US dollar is so strong, as it was this past year.”

Megren Al-Shaalan Joins White & Case as a Partner

Global law firm White & Case LLP has boosted its Saudi practice capabilities with the addition of Megren Al-Shaalan as a partner.

“White & Case has long had a strong Saudi practice, and Megren’s arrival significantly enhances our capabilities in the Kingdom,” said White & Case partner Doug Peel, Head of the Middle East. “Megren has been deeply involved in the design and delivery of Saudi Arabia’s 2030 Vision initiatives, which are key to the Kingdom’s future development and transformation. His knowledge and experience will be a major asset to the Firm as we continue our work in the Kingdom.”

Al-Shaalan arrives from the Saudi Royal Court, where he was a Senior Legal Advisor. He advised a number of government offices and entities on prominent projects including NEOM, the Red Sea Project and Qiddiya, helping structure their legal frameworks and establish their legal departments. Al-Shaalan also provided legal counsel on the establishment of a number of other government entities and projects. He has significant experience in public policy and a variety of areas of law, including regulatory, governance, corporate transactions, finance and litigation.

Oliver Brettle, a member of White & Case’s global Executive Committee, said: “Investment in our Saudi practice is part of our strategic growth ambitions and the Middle East, including Saudi Arabia, is an important market for the Firm. The arrival of Megren, with his experience and strong reputation in Saudi Arabia, will not only add to our corporate capabilities in the Kingdom, but will support the further growth and development of our other key practices and industry groups there.”

White & Case practices in Saudi Arabia in cooperation with the Law Office of Megren M. Al-Shaalan.

HONG KONG HK

Baker McKenzie Elects Milton Cheng as Next Chair

Leading global law firm Baker McKenzie is proud to announce that following a vote of its partnership, Milton Cheng has been elected as the next Chair of the Firm.

Based in Hong Kong, Milton is the Managing Partner of the Hong Kong office and concurrently the Chief Executive overseeing Baker McKenzie’s offices and businesses across eight countries in the Asia Pacific region.

Milton has considerable experience in mergers and acquisitions, real estate investment trusts, financial services regulation, corporate finance and corporate restructurings. He regularly advises clients — including REIT and other asset managers, financial institutions, multinationals and Hong Kong-listed groups — on a wide range of acquisition, REIT, restructuring, regulatory and corporate finance matters.

A graduate of King’s College London, Milton became a partner of Baker McKenzie in 1999 and is admitted to practice in Hong Kong and in England & Wales. He is the Firm’s first Asian Chair.

Milton Cheng, Chair-elect of Baker McKenzie said, “I am truly honored by the trust my fellow partners have placed in me. I look forward to working with all of them and my colleagues across the world to build on the great work of my predecessors to make Baker McKenzie the global law firm of choice.”

Milton, who will serve in the role for four years, takes up the position with effect from October 17, 2019 succeeding Jaime Trujillo, who has been Acting Global Chair since October 2018.

Jaime said, “We had a group of outstanding candidates for our next Chair and the partners had a difficult decision to make. In choosing Milton we have someone who can take this great Firm to the next level. I offer him my sincerest congratulations.”

UK’s approach to protecting and enforcing design rights

Global Head of IP David Stone speaks to Lexology Learn and discusses why protecting and enforcing design rights in the UK is becoming a lot more attractive, as well as new measures being introduced by the Intellectual Property Enterprise Court. He also looks at where there is room for improvement in the English courts.

A&O opens new Legal Services Centre in Johannesburg

Allen & Overy has announced that a new Legal Services Centre (LSC) will open in Johannesburg in the first half of 2020 as part of its expansion plans

Johannesburg city skyline

The LSC, launched in 2012, has quickly built a reputation for cost-effectively and efficiently resourcing transactions while guaranteeing the standard that clients expect from A&O. The team – comprising legal professionals, associate solicitors and science analysts – works alongside offices across the A&O network on a wide range of document-based matters, including due diligence, litigation reviews, drafting, negotiating and research tasks. The focus is on quality, supported by project management and legal technology. The LSC is part of Allen & Overy’s broader Advanced Delivery and Solutions (AD&S) offering, which includes Fuse, A&O Consulting, Peerpoint and A&O’s legal tech solutions.

Angela Clist, Head of LSC, said: “Johannesburg makes an ideal location for our new centre as it has a strong base of legal experts. Our Johannesburg office has been open for five years now, and we look forward to growing the LSC alongside the current team.

“All the work performed in the new centre will serve our clients directly as well as even more practice groups and offices across our global network. Having worked with over 450 partners across the firm and with a wide range of teams from banking regulation to US capital markets, the experience within the LSC is unrivalled.”

Andrew Trahair, Head of Advanced Delivery & Solutions, added: “This is an important step forward for our AD&S businesses. The LSC is an essential resource for A&O as we take on more larger and more complex projects for our clients. The team will support both our traditional practice groups and our AD&S businesses, for example the Markets Innovation Group and A&O Consulting.”

For further information, please contact Rajiv Pattni, Rajiv.Pattni@allenovery.com, on +44 (0)20 3088 1237.

handshake deal

Goodwin and Eversheds make bold Corporate Plays

Goodwin Procter and Eversheds Sutherland both made significant corporate hires in November, with the pair recruiting Kirkland & Ellis partner Carl Bradshaw and Simmons & Simmons former head of UK corporate Giles Dennison respectively.

For Goodwin, the hire of Bradshaw comes during an expansive period for the firm, particularly in private equity. He brings nine years of experience from Kirkland – four of which were as partner – and a practice that focuses on cross-border private equity deals; leveraged buyouts; carve-outs; public-to-privates; consortium deals; and co-investments.

White & Case Advises Banks on US$1 Billion Notes Issuance

Global law firm White & Case LLP has advised First Abu Dhabi Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc, Samba Capital & Investment Management Company and Standard Chartered Bank, as managers, on Samba Funding Limited’s issuance of US$1 billion Notes due 2024 under its newly established US$5 billion Euro Medium Term Note Programme.

“This issuance represents Samba Bank’s successful entrance into global debt capital markets and we were well-placed to advise the investment banks based both regionally and internationally on the establishment and issue under the new programme,” said White & Case partner Debashis Dey, who led the Firm’s deal team.

Samba Funding Limited is a wholly-owned subsidiary of, and the Notes are guaranteed by, Saudi Arabia-based international financial services provider Samba Financial Group.

The White & Case team which advised on the offering was led by partner Debashis Dey (Dubai & London) with support from counsel Xuan Jin (Dubai) and associates Michael Byrd (London) and Sarah Altukhaifi (Riyadh).

Alexander McMyn Joins White & Case as a Partner in Singapore

Global law firm White & Case LLP has expanded its Global Banking Practice with the addition of Alexander (Xander) McMyn as a partner in Singapore.

“Singapore is the key financial hub in the Southeast Asian bank finance market, which has matured significantly in recent years with a marked increase in sophisticated financial sponsor activity,” said White & Case partner Eric Leicht, who leads the Firm’s Global Banking Practice. “Xander’s addition sends a clear signal that White & Case is determined to continue growing its role advising clients across Asia-Pacific on their most important financing transactions.”

McMyn has more than a decade of experience in Asia-Pacific and is recognized as a leading lawyer in the region’s finance market. He advises creditors, sponsors and borrowers on a wide range of transactions and has a particular focus on key investment destinations such as India, Indonesia and Australia, as well a thorough knowledge of other emerging Asia-Pacific markets. McMyn’s breadth of experience in the region is reflected in the variety of structures with which he is familiar – clients turn to him for advice on event-driven, structured and limited-recourse financings as well as commodities-related investments. Recently, a significant amount of McMyn’s work has involved the reassessment and restructuring of transactions that have not performed in the current environment. He joins White & Case from Hogan Lovells, where he was a partner, and brings nearly 20 years of experience.

“Xander is a leading lawyer with a substantial reputation in the Asia-Pacific finance market and strong relationships with key financial institutions in Singapore and across the region,” said White & Case partner Baldwin Cheng, Regional Section Head, Asia-Pacific Corporate, Finance & Restructuring. “Xander adds materially to our Asia-Pacific banking team, which is tier one ranked in Greater China and Japan, and he will play a particularly important role as we continue leveraging our capabilities in Southeast Asia.”

White & Case partner Eric Berg, Head of Asia-Pacific, said: “Xander’s arrival is a further demonstration of our ongoing pursuit of the Firm’s strategic growth priorities in Asia-Pacific. A combination of lateral additions and internal promotions have added ten new partners in the region over the past year, and these lawyers have strengthened our strategically key disputes, finance and M&A practices in Australia, China, Japan, Hong Kong and Singapore.”

Clyde & Co Revenue Tops £600M

Clyde & Co’s revenue has jumped 11% to exceed £600m for the first time.

Baker & Mckenzie

Baker McKenzie Advises Monomoy on Engineering Acquisition

Baker McKenzie advised private investment firm Monomoy Capital Partners in its acquisition of Kauffman Engineering Inc., an Indiana-based manufacturer of wire harnesses and cable assemblies for electrical systems.

Founded in 1973, Kauffman operates about 20 facilities across the United States and Mexico and serves clients across the HVAC, commercial equipment, specialty vehicle, lawn care, marine, medical and other industrial markets.

“We partner with our private equity clients to add value wherever we can and ensure a smooth process in negotiating and closing deals, so they are able to realize as much growth as possible. We are pleased to help Monomoy do just that in this acquisition,” said Michael Fieweger, Baker McKenzie’s lead M&A partner on the transaction.

Baker McKenzie has the world’s largest M&A practice, with nearly 1,400 lawyers executing more cross-border transactions than any other law firm.

The Baker McKenzie team included Michael Fieweger, Garry Jaunal and Emeka Chinwuba.

About Monomoy Capital Partners

Monomoy Capital Partners is a private equity firm with $1.5 billion in committed capital that invests in middle-market businesses in the manufacturing, industrial, distribution and consumer products sectors. The firm invests in the both the equity and debt of middle-market businesses that can benefit from operational and financial improvement. Monomoy designs and executes a customized value creation plan for each acquisition that seeks to generate significant cash flow and improve earnings within 12 to 18 months of an investment. Over the past 14 years, Monomoy has closed over 50 middle-market acquisitions. To learn more about Monomoy and its portfolio companies, please visit the firm’s website at www.mcpfunds.com.