Baker Tilly International, an esteemed global network of independent advisory, tax, and accounting firms, reported significant growth in its global revenues last year according to a recent report.
The firm hauled in $5.2 billion in 2023, marking an 11% growth, or 12.2% upon adjusting for constant exchange rates. This growth was mainly driven by Baker Tilly’s consulting and tax practices, which managed to offset a downturn in the corporate demand for advisory work.
This considerable expansion in revenue stands out given the unpredictability and volatility of the global market, and is particularly impressive considering the company’s headcount increased by a modest 4.5% over the same period.
Francesca Lagerberg, CEO of the global firm, commended the achievement stating that obtaining double-digit, like-for-like revenue growth, with such a moderated increase in staff size and in such a fluctuating market, was remarkable.
However, the industry has not been without its challenges. The report indicates a decline in demand for deals advisory work, a sector that Baker Tilly and many other firms in this space wish to concentrate on more heavily during the times ahead.
Regardless of industry turbulence, these robust figures for Baker Tilly could serve as an encouraging sign for many legal professionals and firms across the globe navigating a capricious corporate landscape.