The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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 experienced a net cash outflow of £17.5m for the 2009-10 financial year, compared with an inflow of £2.4m in 2008-09, according to LLP accounts filed with Companies House.
The outflow came on the back of a 19.6 per cent fall in profit from operating activities from £89.5m in 2008-09 to £72m in 2009-10. The total operating profit fell less sharply, from £80.6m to £77.6m.
The accounts further reveal that the City firm made a saving of £5m in staff costs, largely on the back of the Flex scheme introduced in a bid to stave off the threat of redundancies. Staff headcount dropped slightly during this period, from 2,059 to 2,012.
The firm’s highest paid partner took home £888,780 in 2009-10, a 20 per cent increase on the £739,416 that went to the top earner in 2008-09. This was despite a 6 per cent drop in profit per equity partner (PEP), with the average partner being remunerated to the tune of £486,000.
Revenue at Norton Rose also dipped slightly, with turnover at £314m, down from £322m in 2008-09.