Norton Rose turnover falls 2 per cent during 2009-10

Norton Rose has posted a 2 per cent drop in turnover for the 2009-10 financial year, with profit per equity partner (PEP) also expected to be slightly down on last year.

Peter Martyr
Peter Martyr

Revenue at the City firm fell to £307m from £314m in 2008-09. An announcement on the firm’s PEP figure has been delayed while figures are finalised, but chief executive Peter Martyr said he expected the numbers to be “down a little but not dramatic”.

Last year, the firm’s PEP figure fell by 17 per cent to £517,000 from £625,000 the previous year.

The firm will release its first global joint revenue following its tie-up with Deacons when the Australian financial year ends at the end of this month.

The global figure is expected to come in at between £435-440m.

During the financial year, Norton Rose introduced its Flex scheme allowing staff to work four-day weeks in an effort to prevent redundancies. The programme ended earlier this year.

Martyr commented: “I promised the staff that we wouldn’t profit from Flex so the results are almost exactly where we were trying to get to. We managed to keep cost exposure under our control, which was an achievement.

“We would always want a plus not a minus but in the greater scheme of things we’ve been pretty flat so we can’t complain about the results.”