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.