Top of equity at Norton Rose breaks £1m mark as fees and profit rise

Norton Rose’s highest earning partner took home more than £1m in 2011/12 – the most that has ever been paid to a member at the firm since it became an limited liability partnership.

According to the firm’s LLP account, Norton Rose’s highest paid partner received £1.021m in 2011/12. In 2010/11 the highest paid partner got £839,000. Before that, the most any partner had received since the firm began reporting its accounts as an LLP was £901,557 in 2007/08.

The average number of partners at Norton Rose during 2011/12 also increased, rising from 202 to 224. Similarly, the firm’s wage bill rose from £142.8m to £152.4m as the average number of people employed at the firm during the year increased from 2,099 to 2,124.

The LLP accounts also showed that fee income at Norton Rose was £354.9m in 2011/12, up from £333.2m in the previous financial year. Proft for the year available for distribution among partners meanwhile was £81.2m, up from £76.7m. The profit for the LLP – which comprises a mixture of UK and overseas offices owned directly by the LLP, but does not include all of Norton Rose’s operations – was down from from £79.309 to £77.543m.

Cash at the bank and in hand at the firm was effectively stable during 2011/12, at £15.1m.