Profits at top-10 firm Norton Rose Fulbright jumped 16% during the first year of the pandemic - with an even bigger increase for its top earner - its annual report and financial statements reveal. In the year ending 30 April 2021, pre-tax profits rose from £131m to £152m on turnover up 2% to £483m, with net current assets up 11% to £159m.
The results, among the first to be published for the 2020/21year, are a further sign of a bumper 12 months for the City despite – or perhaps because of – the pandemic.
The firm said: ‘Although Covid-19 continues to have a significant impact on the UK and global economy, from an operational perspective, through the adoption of a flexible working model, the group has been able to continue delivering services to its clients.'
The year also proved profitable for the firm’s 245 members. The profit attributable to the member with the largest entitlement leapt 23% to £1.8m, with the total income available for discretionary division among members rising from £113m in 2020 to £153m this year. That represents an average £619,000 for each member, compared with around £457,000 available for each of the 247 members last year.
The firm reduced headcount by almost 50 to 2,105 during 2020/21, reducing the number of fee earners and support staff. This resulted in staff costs falling from £210m to around £207m, with the wage bill down by around £4m.
During the 21 year, the firm announced it would lay off 132 employees, including 114 in London, as part of a restructuring of the business services operating model. This included 19 lawyers at counsel and associate level.
The UK was the firm’s biggest source of income, accounting for £264m of turnover compared with £137m from the rest of Europe and £81m from the rest of the world. The firm operates in 22 global locations and has UK offices in London and Newcastle.
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