The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Hammonds is set to delay the distribution of profit to partners as its new auditors PricewaterhouseCoopers (PwC) carry out an extensive examination of the firm's finances. Due to the audit, the firm will not finalise its figures until July - over a month later than last year - which is likely to cause a delay to profit distribution.
As reported by The Lawyer (28 February), Hammonds' new managing partner Peter Crossley decided earlier this year to tender for new auditors. PwC replaced the firm's previous auditors Fletcher Greenwood & Co in February.
While several of its rivals celebrate impressive increas-es, Hammonds is waiting for an expected 25 per cent slump to around £200,000 for average profit per equity partner. Turnover is likely to remain static at last year's £136m.
Since his election last summer, Crossley has instituted a programme of reorganisation to boost Hammonds' declining profitability. The last financial year will be hit by an "exceptional charge", consisting of reorganisation expenses and a £1.6m write-off of fees billed to Customs & Excise.
Hammonds is also requesting the repayment of drawings from current and former equity partners and it instituted a 14-month lock-in in March.
A spokesperson confirmed the delay in releasing figures and said it was down to the fact that it was PwC's first year acting for the firm.