Australia tie-up boosts Norton Rose turnover to £484m
Norton Rose has announced a £47m increase in turnover for its entire international operations since it merged with Australian firm Deacons last year.
The firm posted an income of £484m for 2010-11, which includes all offices worldwide under the Norton Rose brand.
Turnover stood at £307m in 2009-10 (18 June 2010), excluding the Australia offices.
The firm has not disclosed how much of the increase is a direct result of the new Australia offices, which are financially independent of Norton Rose LLP, and is yet to publish its average profit per partner.
Norton Rose gave combined income for the previous financial year as £437m, which included revenue for Norton Rose globally for the 2009-2010 financial year. The figure also includes Deacons’ revenue from May 2009 until the merger went live in January 2010, when the figures combine.
Because the firm announces results in US dollars, the latest figure means it has seen a 21 per cent increase on the amount it gave last year for global revenue including Australia. The hike becomes 9 per cent taking into account changes in currency values.
Income from its Canada and South Africa arms is not included in the new figure. The firm’s merger with Canadian firm Ogilvy Renault and South African firm Deneys Reitz went live at the beginning of this month.
Chief executive Peter Martyr said the strongest contributions came from some of the corporate and banking practices, as well as the litigation group. The Asian offices had also been key areas of growth, he said.
“We’re quite happy with [the results]. It’s been reasonably strong growth. It’s good to see the business growing,” Martyr said.
