Hammonds posts 9 per cent drop in PEP

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  • Just like the good ol' days

    I always thought their 'recovery' was built on shifting sands. It just shows that you can do all the tricksy management stuff you like but if there's millions of lawyers leaving, then eventually the proverbial is gonna hit the fan.

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  • Masking the numbers...

    What's the impact of the 4m refurbishment costs and new management systems on this year's PEP? Probably not a lot, since most of those costs are amortised/depreciated in the accounts over many years...

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  • Still some way to go?

    “Lock ins” have unhappy consequences – (1) the good and the bad are locked in together, (2) the people who have suffered the pain consider themselves entitled to a bigger slice in the future and new equity becomes restricted (how many equity partners have been made up in the last three years?) and (3) the firm takes years (if ever) to shake off the “firm in distress” image (as other comments demonstrate).

    They have pulled out an unlikely success in recovering from the “black hole” and Crossley and the other partners deserve credit. We can expect the credit crunch to affect corporate and banking departments (in the mid tier firms) adversely in next year’s results. What might be worrying for Hammonds is that corporate and banking were, according to Crossley, the performing teams last year.

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