Norton Rose's PEP smashes through half-million mark

Norton Rose has seen its profit per equity partner (PEP) break the £500,000 mark for the first time.

The top 20 firm has recorded a 15 per cent profit hike, which has produced a PEP rise to reach £512,000. Its turnover has also grown by 11 per cent on last year's figure, increasing to £230m, as first revealed on www.thelawyer.com (21 May).

The firm has boosted PEP despite considerable investment worldwide, with nine new offices and a data recovery centre based outside London this year.

Norton Rose chief executive Peter Martyr said: "I'm pleased this year as we've seen reasonable growth considering our growing investments, with nine new offices and the London move, which is two-thirds of the way through."

He added that there has also been much investment in people during the past year, with the firm promoting 22 internally and making 19 lateral hires.

Martyr added: "With these people-added costs it's been a pleasing year and we expect the investment to show through again in next year's figures."