Last year Ashurst overtook Norton Rose in The Lawyer UK 100 for the first time, with its revenue reaching £214m compared with Norton Rose’s £210m.
Scroll back five years and the firms had roughly comparable profit per equity partner figures. Ashurst was ahead with £600,000 while Norton Rose reaped in a more than respectable £520,000 per partner.
The latter figure has now slumped to just £445,00 at Norton Rose, while Ashurst broke £700,000 last year.
A Norton Rose partner was recently overheard saying that the firm had “turned a corner”. When asked for evidence of this, he wasn’t too coherent. Maybe the firm has turned a corner, but in the Middle East at least, it looks as if it’s slammed straight into a brick wall.