Hammonds' lock-in "no longer needed", Crossley

Hammonds will not renew the 14-month lock-in of its equity partners when it ends on 30 June, it emerged today (12 June).

Managing partner Peter Crossley confirmed that the lock-in, instituted in May 2005, will not be extended. He said the extension was, “no longer needed to maintain the stability of the firm.”

In February, The Lawyer reported that the firm was planning to consult on a second lock-in. The extraordinary measure was instituted after the firm reported plummeting profits and a raft of partner departures.

The lock-in has not affected salaried partners, and there have been relatively few salaried departures during the lock-in period. Most recently litigation partner Paul Dillon announced he was joining Richards Butler.

Hammonds is still finalising its results for the last financial year and expects to announce them at the end of this month.

The decision not to extend the lock-in was taken by the partnership board following consultation with the partnership.