Norton Rose has recorded a sluggish year of growth, with turnover up just 3.5 per cent and average profit per equity partner (PEP) up by 4.7 per cent.
The firm’s PEP for the last financial year was £445,000, up from £425,000 in 2005. Turnover was £210m, a 3.5 per cent rise from last year’s £203m.
The results mean Norton Rose has fallen behind City competitors such as Simmons & Simmons, with PEP of £470,000 and turnover of £227m this year, and CMS Cameron McKenna, with PEP of £476,000.
Peter Martyr, chief executive of Norton Rose, said he was “reasonably happy” with the results. “What matters is that the business is in good condition,” Martyr told The Lawyer.
“One of the things that is telling us that is that we have got a long queue of laterals from good homes wanting to come to us. It might not look terribly flattering compared with other firms, but you’ve got to look at the business,” he added.
Martyr said that the firm’s international network was performing strongly and had not suffered after hiving off the Cologne office in January 2005.
Norton Rose has suffered a year of partner losses, including a four-partner defection to Baker & McKenzie from the securitisation team.