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Hammonds’ partners have voted in support of proposals which will see the firm’s senior partner role axed and a move away from lockstep.
The partnership voted on Friday (21 April) on recommendations made as part of a strategic review that concluded in December 2005.
Since then the firm’s management has been consulting with partners to develop and refine the key proposals, including refocusing on the way Hammonds secures new business; a restructuring of business departments; replacing the senior partner with a non-executive chair of the partnership board; and a move towards firmwide performance-related pay.
Partnership board member Bernhard Gilbey, who led the strategic review, has been elected as the firm’s new strategy director.
The review came after a series of financial problems, including a slump in profitability and a restatement of accounts from 2003-2004, at the end of the 2004-2005 financial year.