The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Norton Rose’s average profit per equity partner figure (PEP) for 2009-10 has fallen by 6 per cent to £486,000, following a 17 per cent dip last year.
The fall in PEP at the firm comes despite a 1 per cent rise in gross profit. Chief executive Peter Martyr attributed the decline in partner profits to the fact that there is now 7 per cent more equity in circulation compared with a year ago.
The total number of equity partners at the firm increased from 172 at the end of last year to 190 this time round, representing a 10 per cent rise.
Martyr told The Lawyer: “We’ve tried to keep it level and not fluctuated too much through the recession. We’ve not de-equitised partners or put a block on new, young partners coming up through the system.”
During the last financial year, the firm introduced its Flex working scheme, which allowed staff to work four-day weeks.
Martyr added: “We always accepted that we’d have to take it on the chin through Flex, but we would do it again.
“What we haven’t done is cut the basic services. There’s a limit to how much you can cut before you start damaging the ability of the business to run effectively.”
Last month, the firm announced a headline turnover figure of £307m, 2 per cent down from £314m in 2008-09 (18 June 2010).