Norton Rose Fulbright LLP reveals flat results

Norton Rose Fulbright paid out £1.373m to its highest earning member last year, up 7.5 per cent on 2013/14, despite a flat year for revenue and profits.

The firm’s LLP accounts revealed largely static turnover of £391.7m with operating profits up slightly from £111m to £113.1m.

Staff costs also remained flat at £177.23m despite a slight increase in headcount from 1,068 fee-earners to 1,077 across its offices in London, the Middle East, Europe as well as in Hong Kong and Rio de Janeiro.

The figures follow the firm posting “steady” global revenue of £1.118bn at the end of the 2014/15 financial year, with average profit per equity partner understood to be up slightly at £440,000.

The LLP filing is the firm’s second since the merger of legacy firms Norton Rose and Fulbright & Jaworski in 2013.

The firm, which operates as a Swiss verein, saw a number of management-level changes in the last financial year including Martin Scott taking over as UK and Europe managing partner from Peter Martyr, who remains global chief executive. Dallas-based non-executive chair Ken Stewart was also appointed global chair last May replacing Johannesburg-based Sbu Gule.

The firm’s focus has laid squarely on Africa, Asia and the US in recent years. Investment in the last financial year includes an alliance with Ugandan firm Shonubi Musoke & Co Advocates and Zimbabwean firm Gill Godlonton & Gerrans.

In April the firm recruited a team of five lawyers from Fried Frank Harris Shriver & Jacobson in Hong Kong.