The Legal Cheek View
The future looks bright and rosy for transatlantic giant NRF as gross revenues rise to an all-time high since the 2013 merger between London’s Norton Rose and US firm Fulbright & Jaworski.
After consecutive years of decline, global revenues took an impressive 8.3% jump this year, climbing to $2.3 billion (£1.8 billion) thanks to increased demand for project finance and disputes expertise. NRF’s Europe, Middle East and Asia arm enjoyed a particularly successful year with turnover up 8% to £401 million in what has been the fifth consecutive year of topline growth for these regions. Profit per equity partner (PEP) soared 33% to $1.4 million (£1.1 million). But don’t get too excited just yet NRF hopefuls, as the sharp increase was mainly a result of the firm miscategorising how many partners were in its equity tier. After updating their figures, the firm’s stated equity partners dropped 20% from 644 to 506, which caused a correlative increase in PEP.
However, that’s not to say that NRF hasn’t had an impressive year. A new office in Houston and significant expansion of the firm’s only UK office outside of the capital, in Newcastle, means the firm now has over 3,500 lawyers working across nearly 60 offices and alliances in five continents. And this growth is even more impressive given the shock departures of several senior figures at the firm last year, including the resignations of global chair Garry Pecht and global COO and CFO Robert Otty.
In London, where the global powerhouse retains its headquarters, around fifty trainees are awarded TCs each year. NRF’s City base is renowned for its work in energy, high-end insurance and transport asset finance but you can still find remnants of the legacy firm’s shipping background in its recent deal advising the financing and delivery of the Royal Caribbean’s latest billion-dollar cruise ship ‘Utopia of the Seas’. The pay isn’t half bad either ― with NQs earning a salary of £120,000, in line with the going rate at NRF’s competitors.
“Excellent training” from “expert knowledge lawyers” is what you can expect at an international firm like Norton Rose. Current trainees speak highly of the “vast wealth of materials, resources and manpower dedicated to training, in addition to a fantastic culture that is conducive to education”. In-depth mandated training for specialist seats such as banking and aviation asset finance is bolstered by “learning on the job with different tasks and feedback from associates and partners” our sources tell us.
While there remains grumbles that some departments “could update their approach to make their sessions less-lecture-like”, seats like real estate and asset finance come highly acclaimed for their “engaging and interactive” training sessions. All the recruits we spoke to were also full of praise for their supervising associates and partners who are “very generous with their time when it comes to explaining tasks or concepts”.
It’s no surprise then that our insiders scored their NRF superiors high marks for approachability and all-round friendliness. “There’s a very open and honest culture in my team making it very supportive and approachable”, beamed one happy trainee. Some partners are said to be more approachable than others, but new recruits find them all to be “pretty much friendly” even if “they are sometimes hard to pin down because they are so busy!”. One junior lawyer had this to say, “Unlike some firms, we are supervised directly by partners, and I’ve found them extremely approachable, and I’m able to regularly talk to them about non-work aspects and socialise them at parties and dinners”.
When it comes to your fellow initiates, our LC spies speak equally highly of their cohort. “Great bunch, very friendly and the firm really looks like they hire with sociability and friendliness in mind” summarised one. Although we’re told to expect some competitiveness, the overall vibe is that NRF fosters a supportive and non-hierarchical environment – a special shout-out goes to the cyber team for “taking time to explain things even when they’re busy”. Team socials are also the norm, whether that’s a few drinks at the bar beneath the office, a quick game of tag rugby, or a “real standout” Eid event, there’s said to be plenty on offer for trainees when it comes to social life at the firm.
One area that doesn’t receive so much hype is the legal tech that’s on offer. Despite NRF having a formalised Artificial Intelligence team and a legal tech department, ‘Transform’, some trainees grumbled that basic IT, such as software and laptops, was not up to scratch. “Not ideal especially during closings and around important deadlines,” scolds one. That being said, there is appreciation for the firm’s drive to implement AI tools and one inside source told Legal Cheek that they’re all expecting new laptops later this year so hopefully they’ll be a big improvement.
Where the firm does excel is the quality of work. “We’re working on niche areas of law that require thinking and not just re-drafting the same docs with updated dates and parties,” one rookie revealed to LC. Trainees can still expect “a lot of admin work, but some teams do try to minimise this and give out more substantive work / first drafts of various things – rather than just project tracking / redlines / folder management.” We’re told that litigious seats offer greater drafting and thinking responsibilities whilst banking receives a bit of a bad rep for the more repetitive stuff. Another insider reports, “the more contentious or regulatory teams have a lot of interesting research tasks [so] that the work trainees do will go on to form the backbone of the advice being given to clients, and transactional seats are involved in a plethora of international transactions to sink your teeth into”. And don’t be surprised to receive “associate level work” or “client contact” if you’ve established that you’re up to the task!
Whilst junior lawyers spend a fair chunk of their time at the office, according to our findings, the consensus is that trainees feel relatively lucky compared to peers. “Better than other City firms” said one, while another noted that “compared to stories from Magic Circle firms, NRF seems to have very good work-life balance”. Hours fluctuate depending on the department and the time of year, with finishes said to be “sometimes at half five and sometimes at 2am”.
Another respondent offered this personal experience, “More often than not, I get to head home around 7.30pm but when the work demands it, an 11 or midnight finish is not off the table. There is no expectation to stick around the office if you don’t have work though and people really appreciate when you do put in the extra hours to help on a matter.”
At least the view from the office helps to smooth things over. The firm’s London hub, which sits pretty on the South Bank of the Thames, is widely heralded as “the best office in London” by trainees. “Literally cannot think of a better location in terms of view, layout or transport links. Ironically, the view of the City of London is nicer than the view from the City of London. Plus, the river and laid back vibes of the area beats the vibe of our north bank colleagues,” gloats one smug rookie. Another enthuses: “When you look up from your desk, you have incredible views of the Thames, the Shard, the Tower of London and Tower bridge, all directly out of your window. Walking into work makes you feel like it’s all worth [it] and like you are in an episode of Suits..” And if you wanted anymore, insider sources tell us that all of the office chairs have just been upgraded to top-of-the-range Herman Miller designs (ooh la la!). Rookies also praise the renovated office floors which boast “very modern” interiors.
The £240 annual WFH budget probably won’t stretch to provide you with a Herman Miller at home, but trainees are generally pleased with “reasonable” allowance, even if some feel that the grant should’ve increased since it was first provided nearly five years ago. Similarly, there are mixed reviews on the firm’s working from home policy. Some partners are said to “make it difficult for you to work at home” whilst “other partners have embraced it”. Although there’s no hard-and-fast rule, NRF interim co-chair Peter Scott has vowed never to return to a five-day office week and rookies we spoke to generally split their time equally between the office and home.
International secondments are available with a handful of juniors recently jetting off to long-haul destinations such as Singapore and Dubai. Around 20% of trainees also report having done client secondments at multinationals such as HSBC, American International Group and Standard Chartered Bank.
Perks are a bit of a sore point with most mentioning that whilst the health insurance is useful, “the ‘subsidised’ gym still costs over £150 per month making it largely inaccessible to trainees”. Beyond this, juniors aren’t over-the-moon with how much the office canteen costs (or that it closes at 5pm). However, when it is open we’re told that the “sweet treats” on offer are delicious.
If being eco-conscious ranks high on your priorities, the rookies also have ample praise for the firm here: “Our firm is very environmentally friendly and eco-conscious! Caroline May, a partner and Head of Sustainability, does a lot to keep the firm updated on methods to become greener. There are also regular initiatives and charity events!”