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Norton Rose

Norton Rose turnover soars 27% to near £300m

Author: Emma Sadowski

Published: 13/05/2008 11:57

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Norton Rose has posted a dramatic rise in turnover in its financial results for 2007-08, with the top 10 City firm seeing revenue soar by more than a quarter to near the £300m mark.

Turnover at the City heavyweight rose by 27% over the last 12 months, from a mark of £233m last to year to a new high of £297m.

The results come after Norton Rose last year posted an 11% increase in turnover for the previous year, when partner profits rose by 16% to stand at £512,000.

Commenting on the results, Norton Rose chief executive Peter Martyr pointed to growth in London, the Middle East and Asia as key factors in the improved performance and also hailed the firm’s move last year into new office premises at More London.

He commented: “We have had a good year and there have been no weak areas. The corporate practice across the board has done well."

Highlights for the firm's corporate group include bagging a lead role on the €13bn (£10.2bn) takeover in January of brewer Scottish-Newcastle by Carlsberg and Heineken, when Norton Rose advised Carlsberg.

The firm has also continue to expand in Central and Eastern Europe, including the recent lateral hires of real estate partners David Dixon and Agnieszka Stankiewicz and energy partner Rafal Hajduk to the Warsaw office.

The news comes after rival City firm Ashurst posted a 17% rise in revenue to bill £323m, while fellow top 10 outfit Simmons & Simmons last week (6 May) announced a 16% hike in turnover, which now stands at £290m.

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