The final full set of accounts for City firm Norton Rose Fulbright before its transatlantic merger and for the three firms that merged to form CMS Cameron McKenna Nabarro Olswang show significant falls in profit.
Accounts published yesterday show profit at Norton Rose dropped by 8%, from £107.7 million to £99m in the year ending 30 April 2017. The highest paid partner grossed £1.3m, 18.7% down on the previous year’s £1.6m. Key management personnel shared £5.1m, down from £5.9m.
The accounts were the last before Norton Rose’s transatlantic merger with Chadbourne & Parke. That deal was finalised in June. The global firm, which retains the Norton Rose Fulbright name, comprises more than 4,000 lawyers in 58 offices spanning 32 countries – including more than 1,000 US-based lawyers.
Meanwhile newly published accounts show that profits at CMS Cameron McKenna, Nabarro and Olswang all dipped in the final year before their high-profile merger.
Profits fell by 76% (from £35.2m to £8.3m) at Olswang, by 10% at Nabarro, from £46.6m to £41.8m, and by 3% at CMS, from £74.1m to £71.5m. The three firms officially combined on 1 May 2017 after a provisional deal was announced at the end of 2016.
Elsewhere in the City, profits also fell by 13% at UK firm Addleshaw Goddard, from £73.8m in the year ending 30 April 2016 to £63.6m this time around. The highest paid partner made £776,160, 30% down on the previous year’s £1.1m.