EXHIBIT 23.1
 
                   CONSENTS OF INDEPENDENT PUBLIC ACCOUNTANTS
 
  As independent public accountants, we hereby consent to the incorporation by
reference in this Form S-8 of our report dated January 19, 1993, incorporated
by reference in Northern Trust Corporation's Annual Report on form 10-K for the
year ended December 31, 1992 and to all references to our firm included in this
registration statement.
 
                                          Arthur Andersen & Co.
 
Chicago, Illinois
January 19, 1994
 
  As independent public accountants, Hill, Taylor & Co. hereby consent to the
incorporation by reference in this Form S-8 of our report dated April 9, 1993,
included in the Northern Trust Company's Thrift-Incentive Plan Annual Report on
Form 11-K for the year ended December 31, 1992 and to all references to our
firm included in this registration statement.
 
                                          Hill, Taylor & Co.
 
Chicago, Illinois
January 19, 1994
 
                              CONSENT OF ATTORNEYS
 
  The consent of Rossiter, Valentine, Ritchie & Porter to the filing of their
opinion as an exhibit to this Registration Statement is contained in their
opinion filed as Exhibit 5 hereto.