Norton Rose posts marginal drop in revenues for 2009-10
Norton Rose has posted a marginal drop in turnover for the last financial year, with an announcement on profit per equity partner (PEP) delayed while the firm finalises its 2009-10 figures. The UK top 10 firm saw revenues fall by 2% over the year to £307m, from a total of £314m taken in during 2008-09.
June 18, 2010 at 06:25 AM
2 minute read
Norton Rose has posted a marginal drop in turnover for the last financial year, with an announcement on profit per equity partner (PEP) delayed while the firm finalises its 2009-10 figures.
The UK top 10 firm saw revenues fall by 2% over the year to £307m, from a total of £314m taken in during 2008-09.
The firm is currently finalising this year's PEP, with a decrease on last year's figure of £517,000 expected. However, the firm said that it does not expect the drop to be as large as last year, when profits fell by 17% from a high of £625,000 in 2007-08.
Norton Rose chief executive Peter Martyr (pictured) said: "We have had a very stable year. While I dislike even a small turnover decline, in business terms I am comfortable with this result. We ended our Flex programme in January, and the fact that we have managed to maintain staff and manage a relatively flat result is an achievement."
Commenting on the year's highlights, Martyr cited the four-day week Flex programme, which helped the firm avoid redundancies during the financial downturn, as well as the merger with Australia's Deacons, which went live on 1 January this year under the Norton Rose Group umbrella.
The group is currently working out its first joint revenues as the Australian financial year finishes at the end of this month. The total Norton Rose Group turnover is expected to come in at between £435m and £440m.
Other firms to have posted their financial results this week include City rival SJ Berwin, which reported a 7% fall in turnover to £171m and a 9% PEP improvement to £447,000, and Clyde & Co, which posted a 3.8% increase in fee income and a 10% PEP rise.
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