Morning Briefing: Baker & McKenzie revenues down 4 per cent on currency rates

by Steve Randall25 Aug 2015
Baker & McKenzie revenues down 4 per cent on currency rates
Global law firm Baker & McKenzie has announced its financial results for the year to 30 June 2015 with mostly positive numbers. Its revenues were hit by fluctuations in the exchange rate with a 4 per cent decline over the year; like-for-like revenues would be up 2.2 per cent. Profits per equity partner in like-for-like exchange rate terms were $1.25 million ($1.14 million in actual dollar terms) down 3 per cent due to major investments made. It also reported that total billable hours were up 5 per cent; total productivity increased by 2 per cent; and partner promotions totalled 83 (40 per cent women) with 51 lateral hires.
Killer of DLA Piper lawyer jailed
The killer of lawyer David Messerschmitt was sentenced to 24 years in prison on Friday after pleading guilty to second-degree murder. Jamyra Gallmon, 21, fatally stabbed the DLA Piper lawyer at Washington’s Donovan Hotel in February. The Washington Post reports that Gallmon’s girlfriend, 19-year-old Dominique Johnson, was sentenced to 6 months in prison for conspiracy to commit robbery.
McKenna Long founder retires from firm amid conflicts of interest
One of the founders of McKenna Long & Aldridge has retired from the firm due to a conflict of interests following the merger with Dentons. Clay Long will now practice as CC Long Law and continue to represent his long-term clients including a group of Coca-Cola bottlers that are merging. Long emailed staff at McKenna to say that the merger was a “great opportunity for the firm” but that it was necessary for him to depart.
Divorce lawyers hail Ashley Madison leak
Divorce lawyers are hailing the Ashley Madison leak as a boost for business on expectation of a large number of new instructions in the coming weeks. The Daily Mail says that British lawyer Nigel Reeve of Mills and Reeve in London says that a married woman has already discussed divorce proceedings with the practice following the leak of 37 million names last week. Meanwhile Los Angeles divorce attorney Steve Mindel commented: “It’s going to be like Christmas in September”.