Baker Tilly International breaks $5 billion revenue milestone

Baker Tilly International has announced record global revenues of over $5 billion. The results are up 11% on the previous year, and almost 30% since 2020 despite significant volatility in global markets.

Baker Tilly International is a consulting and public accounting firm, headquartered in London. With member firms spread across 700 offices, and 145 territories. This makes its combined network the ninth largest professional services network in the world.

As the firm’s latest financial year draws to a close, the firm has celebrated record growth across its operations. Indeed, there was rapid expansion in all regions across the network in 2023. While Europe was the fastest-growing region at 17% in US dollar terms, Latin America and North America both enjoyed double-digit growth at 16% and 11% respectively. Meanwhile, the Asia-Pacific region grew by 3%, but with Baker Tilly International having just beefed up its presence in the booming consulting market of India, with the acquisition of ASA, the year ahead looks set to improve on that.

Francesca Lagerberg, CEO of Baker Tilly International, said: “Double-digit, like-for-like revenue growth, with only a modest increase in headcount and in such a volatile market, is an incredible achievement and I am grateful for the hard work of all of our 43,000 people who made it possible. Breaking through the US$5bn barrier only four years after achieving US$4bn in revenues demonstrates that this is a network with real ambition and drive.

Meanwhile, all of Baker Tilly International’s service lines had double-digit growth. Of its major service lines, advisory was the fastest at 12.3%, bucking the trend of a market slow down, followed by tax at 12% and assurance and accounting at 10%. The firm’s smallest service line, legal services, grew most rapidly of all though, expanding by 16% in 2023, highlighting the opportunities for a multi-disciplinary network as opportunities open up in different markets.

Baker Tilly International’s combined headcount also rose by 4.5% globally to 43,000 with 3,380 partners worldwide. The proportion of female partners in the network reached an all-time high of 24.4% by the end of 2023.

Looking ahead, Lagerberg added, “We look forward to another successful year in 2024 with great expectations and confidence in our renewed strategy and purpose, as well as our broad multi-disciplinary offering across all our service lines. It promises to be an exciting next 12 months.”