Profit per equity partner: £405,000
Equity spread: £230,000-£475,000
Net profit: £69.2m
Profit margin: 34 per cent
Salaried partner remuneration: £175,000
Revenue per lawyer: £233,000
Revenue per partner: £958,000
Revenue per equity partner: £1,199,000
Cost per lawyer: £155,000
Profit per lawyer: £79,000
No of partners: 214
No of equity partners: 171
No of female partners: 35
No of female equity partners: 28
Total no of fee-earners(including consultants, paralegals etc): 1,114
Total no of fee-earners(excluding consultants, paralegals etc): 878
Total no of staff: 2,040
Leverage ratio: 1:3.88
Equity partner to staff ratio: 1:5.42
Fee-earner to staff ratio: 1:0.83
Financial management: Financial management during 2002-03 was still hampered by problems after the failure to distribute full partner profits for the previous 12 months. Because of a tougher year, the firm withheld a significant proportion of partner profits over and above monthly drawings and pension contributions. The firm now says that the situation for both the previous and the most recent financial year has been resolved.
Equity structure: Norton Rose has revised its lockstep for this financial year. Running from 100 units to 200 points, the firm has introduced junior partners and two new gateways into its remuneration system. Junior partners are initially awarded one unit. On progressing up the equity, they hit the first gateway at 100 units, where they will be considered to move into the equity. Another gateway occurs at 150 points, where partners can be moved up, down or frozen on lockstep. Normally partners will take 10 years to reach plateau, though this can vary depending on progress through the gateways.
Billable hours targets: Assistants 1,600, partners 1,300.
Key clients: British American Tobacco, Emap, HSBC, Orange, NIB Capital Bank, Royal Bank of Scotland.