Norton Rose Fulbright's financials reveal that the firm's profits fell by 5% in the year ended in April 2019.Turnover and Profit Drops at Norton Rose Fulbright, LLP Accounts Show
The firm's latest financial results come after several office closures across the globe, including Bahrain most recently.
January 31, 2020 at 07:03 AM
2 minute read
Norton Rose Fulbright's operating profits fell by just over 5% to £124.7 million in the year to April 2019, while turnover also fell slightly, the firm's latest Limited Liability Partnership (LLP) accounts have shown.
The accounts, filed on Companies House, present the firm's financial statements for the year ended in April 2019 across its London, Asian, EMEA, and Rio de Janeiro offices.
The firm's turnover fell by £2.1 million to £480.7 million. Its U.K. turnover fell by 2.3% to £246.9 million in the year ended in April 2019.
Other regions saw their turnover increase. The firm's European offices brought in £138.2 million, an increase of 2.5%. Meanwhile, other offices brought a total of £86.9 million from £84.9 million, representing a 2.3% increase.
The accounts also show that the partnership remained steady, falling by an average of six. The highest paid partner was paid £1.5 million in that year, a slight drop of 1% from the previous year's figure. Staff costs rose 1.4% to £213.7 million in the year.
Norton Rose's international presence has contracted in recent years. It lost its Venezuelan office to Dentons and closed its Colombian office last year. The firm had also closed its Abu Dhabi base in 2018 and shuttered its Bahrain office in January.
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