EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS ----------------------------------------- Northern Trust Corporation: As independent public accountants, we hereby consent to the incorporation by reference in this Form S-8 of our report dated January 17, 1995, incorporated by reference in the Northern Trust Corporation's Annual Report on Form 10-K for the year ended December 31, 1994, and to all references to our Firm included in this registration statement. /s/ Arthur Andersen LLP Chicago, Illinois October 31, 1995