Norton Rose has promised a new era of transparency if the firm, as expected, becomes a limited liability partnership (LLP), after conceding that previously-issued figures for its 2003-04 income were only “guidelines”.

The pledge comes after it emerged that the £205m figure issued for the 2003-04 turnover overstated actual income of £195.2m, a revision of around 5%. However, the firm stressed that the 2003-04 figure, which was given out to several publications, was only a “guideline”.