Baker Tilly records revenues above $1 billion across Asia Pacific

13 February 2023 3 min. read
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Baker Tilly’s Asia Pacific division has delivered collective revenues of more than $1 billion for the first time, significantly contributing to the accounting and consulting firm’s record $4.7 billion take in 2022.

Global accounting and consulting network Baker Tilly has followed in the footsteps of rival RSM in breaking the $1 billion revenue barrier in the Asia Pacific for the first time – in this instance however the figure represents more than a fifth of its worldwide income.

Globally, Baker Tilly grew by 13 percent across 2022 to reach $4.7 billion in revenues, cementing Baker Tilly’s position among the top ten largest organisations of its kind.

Baker Tilly - Global revenues in USD

While outpaced by North America (which was up by 16 percent to crack the $2 billion mark), Baker Tilly’s Asia Pacific business recorded double digit growth over the past twelve months, up by 10 percent alongside the firm’s Europe, Middle East and Africa (EMEA) geography. Thailand, specifically, was noted as among half a dozen or so countries worldwide to have achieved in excess of 15 percent organic growth across 2022.

“Very proud of how much Baker Tilly has achieved. Also, very proud that the APAC region achieved double-digit growth in 2022 despite the challenging economic landscape,” commented Baker Tilly’s Malaysia group managing partner Andrew Heng, who was appointed APAC regional chair toward the end of last year. “I look forward to greater success for year 2023 as we continue to provide value to our clients in this region and beyond.”

At the global level, Baker Tilly also grew its headcount by 4.5 percent to above 40,000 professionals in more than 700 offices worldwide, in part driven by the admittance of new member firms and a number of international acquisitions – including in Hong Kong via KLC Corporate Advisory and Recovery, which added around 40 professionals. The network’s partnership count has also grown to almost 3,250, with an all-time high female ratio of 23.5 percent.

While all of its services lines grew, Baker Tilly cited tax consulting as its star performer over the past year, its 15 percent growth driven by regulatory changes and what the firm stated were increasingly complex demands from local tax authorities. All up, the record $4.7 billion revenue figure marks a decade of consistent growth, with Baker Tilly noting a 40 percent rise since 2017. The current revenues of closest mid-tier competitor Crowe are presently unclear.

“Despite it being a year of unprecedented macropolitical and economic volatility, all of our regions and services lines have grown in revenues and perhaps more importantly the scale of their ambitions,” said Baker Tilly CEO Francesca Lagerberg. “We have welcomed new firms and existing members have made important strategic acquisitions, while our new services focused on digital, legal and ESG have rapidly developed. These plans for expansion will continue.”

In a discussion with International Accounting Bulletin, Lagerberg further expanded on the firm’s future outlook: “In many markets there are good opportunities for growth. At Baker Tilly we feel we are in a strong position to continue to attract like-minded firms to our network who are interested in joining a group of firms where growth is key, but the personal local touch is still important, collaboration is heavily encouraged, and innovation rewarded.”