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.'

Norton Rose Fulbright

Norton Rose Fulbright has revealed positive results all-round

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.