Baker Tilly International announces record revenues
Baker Tilly International has today announced record global revenues of US$5.62bn for the year ended 31 December 2024, up 9% on the previous year or 9.5% at constant exchange rates. This continues a journey of consistent expansion for the global accounting and advisory network, which has grown by nearly 40% since 2020 despite significant volatility in international markets over the period.
There was expansion in all regions across the network in 2024. EMEA was the fastest-growing region at 13%, followed by North America (11%) and Asia-Pacific (2% in local currency terms). While revenues in Latin America declined slightly in US dollar terms, in local currency the region grew by 18%, highlighting the strength of the US currency over the year.
Belgium, Canada, the Channel Islands, Colombia, France, Germany, Greece, Hong Kong, Italy, Malaysia, the Netherlands, Poland, Spain, the UK, Ukraine and the USA were among the larger markets to record more than 10% growth in 2024.
All the network’s service lines saw significant growth. Of its major service lines, advisory grew 16%, bucking the trend of a wider market slow down, followed by tax (11%) and assurance and accounting (5%). Legal services grew 17% in 2024, highlighting the appeal of a multi-disciplinary network like Baker Tilly.
Headcount rose modestly by 1.2% to 43,515 with 3,480 partners worldwide. The proportion of female partners in the network reached an all-time high of 26% by the end of 2024.
Francesca Lagerberg, CEO of Baker Tilly International, said: “Growth in revenues easily outstripping the increase in headcount is a good sign that our network is growing sustainably and in response to client demand in a tough economic market.
“As always, I am very grateful for the leaders in all of our 143 markets and the hard work of our people who make this possible. Breaking through the US$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. We are busy when our clients are busy and there is no doubt whether dealing with the impact of any trade tariffs or new tax legislation, to name just two areas, we will be very active. The next 12 months promises to be exciting.”