Baker Tilly grows global revenue 11%

Baker Tilly International reported global revenue of $5.2 billion for the fiscal year ended Dec. 31, 2023, up 11% from the previous year, or 12% at constant exchange rates, across its network of accounting firms.

The global accounting network said Thursday it has grown its global revenue by nearly 30% since 2020 to reach record levels last year.

On a regional basis, Europe grew at the fastest rate in 2023 at 17% in U.S. dollar terms, followed by Latin America (16%), North America (11%) and Asia-Pacific (3%). Growth in Latin America and Asia-Pacific was significantly more when measured in local currency — 22% and 7% respectively — given the strength of the U.S. dollar over the year.

Baker Tilly

Among the markets in 2023 with more than 15% growth were Austria, Belgium, the Channel Islands, Greece, Luxembourg, Mexico, Netherlands, Singapore, South Korea, Turkey, the U.K. and the U.S.

The network's growth in 2023 was mostly organic. However, on Monday, the U.S. member firm, Baker Tilly US, announced an investment from a pair of private equity firms, Hellman & Friedman and Valeas Capital Partners, making it the biggest accounting firm to date to bring on PE funding. The money will only be going to the U.S. firm, and like other firms that have received private equity investment, Baker Tilly is splitting its attest and nonattest sides in an alternative practice structure, setting up Baker Tilly Advisory Group as a separate entity from Baker Tilly US LLP.

All of Baker Tilly International's service lines experienced double-digit growth last year, with advisory growing the fastest at 12.3% — countering the trend of a slowdown in advisory reported at other large firms — followed by tax at 12% and assurance and accounting at 10%. The global network's smallest service line, legal services, grew 16% in 2023, highlighting the opportunities for a multidisciplinary network like Baker Tilly.

Headcount increased 4.5% globally to 43,000, with 3,380 partners worldwide. The proportion of female partners in the network achieved an all-time high of 24.4% by the end of the year. 

"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," said Baker Tilly International CEO Francesca Lagerberg in a statement Thursday. "Breaking through the U.S. $5 billion barrier only four years after achieving $4 billion in revenues demonstrates that this is a network with real ambition and drive."