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 17, 1995, incorporated by reference in 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 February 8, 1996 As independent public accountants, Hill, Taylor & Co. hereby consent to the incorporation by reference in this Form S-8 of our report dated April 21, 1995, included in the Northern Trust Company's Thrift-Incentive Plan Annual Report on Form 11-K for the year ended December 31, 1994 and to all references to our Firm included in this registration statement. /s/ HILL, TAYLOR & CO. Chicago, Illinois February 8, 1996 CONSENT OF ATTORNEYS The consent of Rossiter, 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.