We present a detailed study in the paramagnetic regime of the frustrated $s$ = 1/2 spin-compound linarite, PbCuSO$_4$(OH)$_2$, with competing ferromagnetic nearest-neighbor and antiferromagnetic next-nearest-neighbor exchange interactions. Our data reveal highly anisotropic values for the saturation field along the crystallographic main directions, with $\sim$ 7.6, $\sim$ 10.5 and $\sim$ 8.5\,T for the $a$, $b$, and $c$ axes, respectively. In the paramagnetic regime, this behavior is explained mainly by the anisotropy of the \textit{g}-factor but leaving room for an easy-axis exchange anisotropy. Within the isotropic $J_1$-$J_2$ spin model our experimental data are described by various theoretical approaches yielding values for the exchange interactions $J_1$ $\sim$ -100\,K and $J_2$ $\sim$ 36\,K. These main intrachain exchange integrals are significantly larger as compared to the values derived in two previous studies in the literature and shift the frustration ratio $\alpha = J_2/|J_1|$ $\approx$ 0.36 of linarite closer to the 1D critical point at 0.25. Electron spin resonance (ESR) and nuclear magnetic resonance (NMR) measurements further prove that the static susceptibility is dominated by the intrinsic spin susceptibility. The Knight shift as well as the broadening of the linewidth in ESR and NMR at elevated temperatures indicate a highly frustrated system with the onset of magnetic correlations far above the magnetic ordering temperature $T_\mathrm{N}$ = 2.75(5)\,K, in agreement with the calculated exchange constants.
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