Baker & Hostetler capped its 17th consecutive year of revenue growth last year, posting an 8% gain in gross revenue at $902.8 million as strong demand in litigation, data privacy and intellectual property practices offset a slower year for portions of the firm’s corporate and business group.
However, an approximate 10% average rate increase across practices drove most of the revenue growth as the firm billed 0.8% fewer hours than it did in 2021. Meanwhile, costs were up across the firm, with compensation hikes, lateral partner hires, the return of travel and events and general cost inflation eroding the firm’s profit margin and culminating in a 5.8% decrease in net income.
