Law firm Norton Rose Fulbright’s latest financial report has indicated a significant dip in its cash reserves in the last financial year. These revelations, featuring in the accounts published on Companies House in the UK, suggest that the firm, which has operations spanning across the UK, Europe, Middle East and Asia, spent more than half of its reserves.
According to the financial documents, the cash and cash equivalents of the firm stood at £47.1 million as of April 2022. However, by April 2023, this amount had reduced to £21.2 million. This signifies a reduction of £25.9 million, a substantial draw from a reserve that was fortified both during and after the pandemic.
These developments might hint at a shift in mentality among major law firms towards their pandemic-induced reserves.
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