Hammonds has finally announced its financial results for 2005 and average profit per partner has sunk 25 per cent to £204,000 from £272,000 last year.
After a delay due to the involvement of new auditors PricewaterhouseCoopers, as first revealed in The Lawyer (6 June 2005), the firm was able to brief partners on the results this afternoon (Thursday 21 July).
Global turnover was £127.8m. The firm’s profit before tax was £17.8m, taking into account the "exceptional charge" of £1.6m incurred through re-organisational costs.
Hammonds also reported that income from the firm’s construction department, which has suffered a spate of partner losses over the year, was down by 27 per cent from 2004.