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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Norton Rose Fulbright has posted turnover of $1.851bn (£1.152bn) in its first financial year after the merger of legacy firms Norton Rose and Fulbright & Jaworski.
The transatlantic merger, which was announced in November 2012, went live on 1 June 2013 (14 November 2012).
The $1.851bn in revenue recorded for the 2013/14 financial year falls slightly short of the $1.9bn projected when the merger was announced, despite including a full 12 months of US revenue.
In 2012/13, the legacy Norton Rose Group posted a turnover of £845.3m, with the firm describing the hike as a 4 per cent like-for-like rise (5 July 2013).
Norton Rose Fulbright’s global chief executive Peter Martyr said: “We had a big jump last year and this year has been steadier, with underlying growth of 4 per cent.”
He continued: “We have yet to complete a full financial year with the US, but we’re happy with the way things are going.”
Martyr added that the results were affected by currency fluctuations, but that “year on year performance is good”.
The firm has not published its global average profit per equity partner (PEP), with The Lawyer last year estimating this at £440,000 - an increase of 4.7 per cent, on the £420,000 estimated the previous year.
The firm has undergone a raft of management changes since its merger last November, appointing Johannesburg-based South African chairman Sbu Gule as its new global chairman. Gule replaced Adrian Ahern whose term came to an end in April 2014.
Meanwhile, legacy Fulbright global disputes headsite Linda Addison was elected as the firm’s new US managing partner (11 June 2014).
Over the course of the year, the firm expanded its presence in Latin America with the launch of an office in Rio de Janiero, co-headed by BP’s former assistant general counsel Andrew Haynes (19 February 2014). It also cut back its European offering, closing down its Prague office for the second time in 18 years, citing “long-term difficult trading conditions”.
Norton Rose Fulbright also witnessed the exit of a 14-lawyer team from its Dubai and Riyadh offices, following a period of discontent in the wake of the global merger (16 July 2013).
In November, the firm axed 30 jobs across its Austraian offices, comprising 12 fee earners and 18 support staff, blaming “changes in the local market” (21 November 2013).