The Brief:
Norton Rose Fulbright lifted global revenue 16.4% to US$2.8bn (A$4bn), with PEP up 27% to US$2m.
The US outperformed above all, posting 23% revenue growth and a 32% PEP spike.
Norton Rose Fulbright has delivered one of its strongest years in recent memory, posting double-digit growth across every major financial metric in 2025.
Global revenue climbed 16.4% to US$2.8bn (A$4bn)
Revenue per lawyer rose 13.6% to US$842k (A$1.2m)
Profits per equity partner jumped 27.0% to US$2.1m (A$3m)
All of that happened while headcount still grew. Total lawyers are up 2.3%, while equity partners are up 1.3%.
The US did the heavy lifting.
Revenue in the States rose 23.2% to US$1.2bn.
Revenue per lawyer rose 16.4% to US$1.4m.
PEP climbed 32% to US$2.7m.
US headcount also grew 4.6%.
Global managing partners Jeff Cody and Peter Scott say the growth was intentional.
“We are in expansion mode,” Scott said, pointing to partner hires and associate growth to back demand.
And demand was broad.
Despite some of the geopolitical and other uncertainties globally [there] is very strong growth across all of our main geographies and practice areas
Billable hours were up around 3% firmwide and more than 4% in the US. Meanwhile, global rate rises were kept below 10%.
“Our focus is on increasing clients and bringing in new work and trying to be less reliant on increasing rates and more focused on the value we bring to the client,” Cody said.
Between 2021 and 2025, NRF tracked roughly 7% annual growth in revenue and PEP. This year blew past that run rate.
And early 2026?
No slowdown in sight.
Source: Law.com