The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
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.
Ashurst's raid on Norton Rose's crumbling Middle East practice illustrates perfectly two firms moving in opposite directions.
Last year Ashurst overtook Norton Rose in The LawyerUK 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.