Norton Rose Fulbright’s Europe, Middle East and Asia business has posted a solid financial performance for its latest financial year, marking its fifth consecutive year of growth. 

The firm reported turnover of £401.2m for the eight months to 31 December 2023 and profit before members’ remuneration and profit shares of £109.9m, according to accounts filed at Companies House. The firm said on an annualised basis, turnover increased by 8% and profitability increased 2%, “notwithstanding global inflationary pressures and macroeconomic conditions as seen across the industry”.

Just over half (54%) of turnover was generated within the UK (£219.3m), with the rest of Europe contributing just under 30% (£118.9m) and the Middle East and Asia generating 16% (£63.3m). 

Rod Harrington, COO, Europe, Middle East and Asia, commented: “This latest set of statutory accounts highlight our fifth consecutive year of top and bottom line growth. For our firm’s standard partnership reporting period, our profit per equity partner grew by 12%. We are pleased with our continued robust performance which reflects the success of strategic investments we’ve made in our business, seamless client service delivery and our diversified offering.”

Norton Rose Fulbright in Europe, Middle East and Asia is made up of 23 offices across 16 countries. Like most UK incorporated partnerships the business had a statutory reporting period to 30 April, but changed its accounting period to the calendar year to bring it in line with the firm’s global reporting as well as Norton Rose Fulbright LLP’s partnership year-end.

Globally the firm grew revenue 8.3% in 2023 to $2.26bn, as profits per equity partner soared by 32.7% in 2023 to $1.4m, fuelled by a reduction in its equity tier of around 140 lawyers. 

Earlier this year it also increased pay for its newly qualified lawyers in London by 14% to £120k, putting it in line with rivals including Hogan Lovells and Herbert Smith Freehills.