Baker Tilly International, the consultancy giant, saw its revenue increase by nine per cent globally in 2024. The legal service arm was the largest contributor to this growth.
For the year ended 31 December 2024, Baker Tilly International generated $5.62bn (£4.5bn) in global revenues, up from the $5.2bn it reported last year.
Its advisory group grew by 16 per cent. It bucked the trend of a wider market slow down. Legal services grew by 17 per cent. Tax increased by 11 per cent. Assurance and accounting increased by five per cent.
Baker Tilly International is made up of 700 offices in 143 locations. EMEA was the fastest-growing region last year with a 13 per cent growth. Followed by North America (11 per cent) and Asia-Pacific (two per cent in local currency terms).
However, revenues in Latin America declined “slightly in US dollar terms”, but in local currency the region grew by 18 per cent.
Canada, France, Germany, Malaysia and the UK were some of the markets that recorded more than 10 per cent growth over the last financial year.
In terms of the UK, MHA, the UK and Irish arm, reported a near 32 per cent increase in revenue from $171.5m in 2023 to $273.5m, while law firm Freeths‘ revenue jumped by nearly 18 per cent to $202.2m.
Commenting on the results, Francesca Lagerberg, CEO of Baker Tilly International stated: “Breaking through the $5.5bn barrier demonstrates that this is a network with real ambition and drive.”
“Our industry is currently both exhilarating and challenging, anticipating and responding to a fast-paced world. Our profession has a strong track record of helping clients in turbulent times and so there is likely to be plenty of activity in 2025 as we see the full impact of those record numbers of elections last year with new governments introducing new legislation and regulation,” she added.