As major law firms chase revenue through global expansions, two legal behemoths have led the pack in recent years: DLA Piper and Baker & McKenzie, which each at one point have held the title of world's highest-grossing law firm.

Now Baker & McKenzie is poised to regain the top spot, which it last held in 2012, from DLA.

On Monday, Baker is set to announce it had $2.54 billion in global revenue for its 2014 fiscal year, which ended June 30. That's a 5% increase from the prior year, and more than any other firm took in during 2013, according to revenue figures compiled by the American Lawyer magazine.

To be sure, DLA or other leading law firms, which in the U.S. generally operate on a calendar year, could catch up by the end of 2014—especially if the current surge in mergers-and-acquisitions work continues.

And Baker still isn't as profitable as some of its high-end rivals, such as Sullivan & Cromwell LLP or Paul, Weiss, Rifkind, Wharton & Garrison LLP. Those firms, whose average profits per partner range from $2.5 million to $4.7 million, tend to have less-sprawling operations and focus more on international financial centers where law firms earn higher rates. This year, Baker increased its profit per partner by 7%, to $1.29 million; last year, it grew the same metric by 10%.

"Our strategy has been to be global, to be where the clients are," Baker Chairman Eduardo Leite said in an interview last week.

In its most recent fiscal year Baker opened a new office in Dubai and an office in Myanmar, the country formerly known as Burma. "The clients want it, and there is a first-mover advantage," Mr. Leite said.

In preparation, Baker has been recruiting young Burmese lawyers and training them at the firm's Bangkok office, a strategy it also intends to employ in Johannesburg as it looks to make inroads in sub-Saharan Africa.

Write to Jennifer Smith at jennifer.smith@wsj.com