Norton Rose has announced its end-of-year financial results for 2006-07, with the City giant posting double-digit improvements in both turnover and partner profits.
Turnover was up 11% at the top 10 City firm from £210m last year to a new mark of £233m. Meanwhile, average profits per equity partner (PEP) were up 15% to a new mark of £512,000.
The results represent a considerable improvement on the firm’s financial performance last year, when turnover edged up by just 2% and profits by less than 5% to reach £445,000.
The latest results come as the firm completes the final stages of its move to new office premises in More London, where City-based fee earners will come together under a single roof for the first time in more than decade.
Chief executive Peter Martyr said the costs of the office refurbishment had already been taken into account in the firm’s financial figures.
Commenting on the firm’s performance, Martyr said: “The results are very good across our international offices, which is just what we have been working to achieve.”
The results come with a number of City firms enjoying record years, with Clifford Chance and Nabarro both on course to see profits improve by around 20%.
SJ Berwin and Ashurst, meanwhile, are set to see total billings increase by more than 20%, to hit £191m and £275m respectively. Berwin Leighton Paisner saw turnover climb by 16% to £168m.
By contrast, Herbert Smith is expecting profits to dip slightly from last year’s figure of £839,000, although turnover is set to increase by 12%-13% to around £333m.
Lovells estimates that PEP will increase by just 2% to around £585,000, with total fee income improving by around 7% to hit £425m.
Additional reporting by Georgina Stanley.
