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Bakers aims to break $1.5m PEP by 2010

Author: James Illman

Published: 18/10/2007 13:00

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Baker & McKenzie is aiming to break the $1.5m (£738,000) mark for partner profits by 2010, as the firm unveils its new three-year plan in London this week.

The global law firm has seen profits rise by 63% over the last three years from $654,000 (£322,000) in 2004 to $1.063m (£523,000) for the most recent 12-month period and is budgeting to continue on a similar growth-track for the next three years.

Chairman Jon Conroy – who was this week re-elected to serve a second three-year term at the helm – would not comment on exact figures but said profitability would be discussed at the firm’s annual meeting.

Conroy said developing talent at all levels of the firm would be also be a top priority over the next few years and emphasised the importance of the firm’s new leadership training scheme for partners that starts next year.

The 750-partner firm is pairing up with the London Business School and the Center for Creative Leadership to produce a bespoke course, which will include assessments and professional coaching.

In addition to Conroy’s re-appointment as chairman, the firm also announced yesterday (17 October) that San Francisco and Palo Alto managing partner Peter Engstrom will replace Washington DC partner Nick Coward on its executive committee.

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