Legal Business Blogs

Financial results 2013/14: Norton Rose Fulbright unveils revenue of $1.85bn and PEP of $660k

In its first financial year post-merger Norton Rose Fulbright (NRF) has recorded revenues of $1.851bn with profit per equity partner (PEP) estimated at $660,000, projecting the firm into the top 10 of the Global 100 for 2013/14.

Published today (8 June), further unaudited figures show revenue per lawyer came in at $528,000 and profit per lawyer stood at $188,000 at the 3,537-lawyer firm.

Highlights since the merger of Norton Rose and Fulbright & Jaworksi went live last June include the expansion of the combined firm’s Latin American footprint via the launch of an office in Rio de Janeiro, with the hire of BP’s global corporate assistant general counsel Andrew Haynes as office co-head.

The firm did, however confirm in April that it was withdrawing from the Prague market, citing difficult market conditions, having already closed its doors previously in the region in 1996. Its Australian offices also suffered at the hands of local market conditions as the firm confirmed in November last year that it had made 30 staff redundant, including 12 fee-earners and 18 support staff.

Heavyweight new client wins saw NRF scoop the role as global legal adviser to British automotive group McLaren from longstanding adviser Baker & McKenzie. The firm also advised one of its oldest clients, Edinburgh-based UK and European asset manager F&C Asset Management, on its $1.2bn acquisition by Bank of Montreal through its subsidiary BMO Global Asset Management (Europe).

Peter Martyr (pictured), global chief executive, Norton Rose Fulbright said: ‘We had a big jump last year and this year has been steadier, with underlying growth of 4%. We have yet to complete a full financial year with the US, but we are happy with the way things are going. Currency fluctuations have been very high in the last few months which can affect our reporting, but our year on year performance is good. Our revenue of $1.851bn (including 12 months US revenue) at 30 April 2014 reflects our strong global platform.’

Legal Business revealed in mid-June that the firm is now gearing up for its global leadership election, with Martyr set to stand again, and if elected, it will constitute his fifth term in office.