CITY LAW firms Norton Rose and LG are the latest to publish financial figures for the year, with mixed results, as the legal sector continues to come to terms with the effect of the recession on its business.
Norton Rose, which this year merged with Australian outfit Deacons, saw turnover for the year fall by two per cent to £307m from £314m.
The fall in income does not include revenue figures from Deacons, which has a different financial year. Including Deacons, Norton Rose management expects to report overall revenues of £440m.
Norton Rose said that profit figures for the 2009 year have yet to be determined but the expectation is that they will fall slightly.
Chief executive Peter Martyr said: “We have done some big things this year and so the results are in line with our expectations.”
Meanwhile, rival LG reported a bumper year after profits and revenues saw an upward climb.
Profits per equity partner (PEP) rose dramatically by 63 per cent to £406,000 from £281,000.
Managing partner Hugh Maule said: “We are now firmly back on the path we carved out several years ago and will continue to invest heavily in those areas central to the growth of our business.”
Meanwhile, revenue at the City firm rose by 7.6 per cent to £64.9m from £60.3m, with over 50 per cent from LG’s international business.