Norton Rose – UK 100

Turnover: £205m

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.