Norton Rose Fulbright spent more than half of its cash reserves in the last financial year, according to the firm’s latest financial report for its U.K., Europe, Middle East and Asia operations.

The firm’s limited liability partnership accounts published on Companies House in the U.K. showed that the firm’s cash and cash equivalents, which were at £47.1 million as of April 2022, dropped to £21.2 million by April 2023, marking a drop of £25.9 million.