Posts

Kate Stonestreet Appointed Global Chief Operating Officer

Baker McKenzie is delighted to announce the appointment of Kate Stonestreet as our new Global Chief Operating Officer. In her new role, Kate will report to our Global Chair Milton Cheng, and will oversee all of the business services functions of the Firm, as well as the Firm’s internal business services transformation project which aims to deliver higher quality service to our internal and external clients in a streamlined and tech-enabled way.

Kate will work alongside the Global Chair and Executive Committee on the implementation of Firm strategy, with a key focus on our clients and our people. This will leverage the Firm’s global footprint and the investments we have made in innovation and sustainability to reinforce our leading position as a diverse and inclusive workplace committed to our clients, people and the communities in which we work.

She will take up her new position with effect from 1 February 2021 and will remain based in London.

Since 2017, Kate has been the Firm’s Global Director of Operations with responsibility for the strategic oversight of our Centers in Manila, Belfast, Buenos Aires and Tampa, and as part of the leadership team overseeing the development and implementation of the Firm’s business services transformation program.

Prior to assuming her current role Kate spent 13 years as the EMEA Regional Operating Officer (ROO) supporting our EMEA leadership, working with Managing Partners and leading the regional business professional teams. During her time as EMEA ROO, she was instrumental in the new office openings in Casablanca, Dubai, Istanbul and Johannesburg.

Prior to her EMEA role, Kate held a variety of positions within the Firm including COO for HK/PRC/Vietnam and Director of Business Development for Asia Pacific. She joined the Firm in Hong Kong in 1995 and has been based in London since 2004.

Kate earned her BA Hons degree in Public Policy and Administration from the University of Northumbria and her MBA from the University of Western Ontario (Toronto), Hong Kong campus. She is a member of our Global Diversity & Inclusion Committee and our Global Race & Ethnicity Task Force, and co-leads the Firm’s social mobility program.

Kate said, “Coming from a small village in Yorkshire in the North of England and joining the Firm in a relatively junior role in Hong Kong, I am a story of what is possible at Baker McKenzie. As a Firm we are in a strong position as we emerge from the pandemic – with loyal clients, connected global teams, and the drive to excel. This is an exciting time, and we face both opportunities and challenges as we emerge from the crisis, but I believe we are strongly positioned for the future and I look forward to playing a central role in ensuring our future success.”

Milton said, “Throughout her career with the Firm Kate has been an inspiring leader and a highly effective professional. Having known her for more than 20 years I can say with assurance that I know she represents the very best of Baker McKenzie. I look forward to working even more closely with Kate in the coming months and years to drive our global Firm strategy forward.”

Baker McKenzie announces record global revenues of $2.92B

Baker McKenzie 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 centres 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.”

Our Future

Jaime concludes, “There have been moments in the past year when the Firm was tested as much as it has been in our 70-year history, but I am extremely proud of how we have come together and dealt with the issues that we have faced. Neither has it been an easy 12 months for the profession as a whole, with softening client demand as a result of geo-political uncertainty, an increasingly competitive market with new entrants and a declining overall market. It takes a Firm like ours with an enormous amount of resilience, experience and strong leadership from all our partners to be confident to face the challenges ahead.”