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Hammonds has boosted average profit per equity partner (PEP) 23 per cent from £328,000 last year to £404,000, the firm’s 2006-07 financial year-end results reveal.
The 2006-07 year-end figures, revealed today, also show turnover having hit £127.6m excluding the results recorded by the firm’s Italian joint venture, Hammonds Rossotto, a three per cent increase on the like-for-like 2005-06 figure of £124.5m,
However the turnover figure is a drop of four per cent, or £5m, on the figure of £132.6m reported last year that included the Rossotto turnover.
Managing partner Peter Crossley said: “We have exceeded all of the targets and benchmarks we have set this year and in all material measures we have exceeded our budget.
“The first half of the year started quietly but momentum built up in the second and has continued into this year, with May and June billings well up on the same period last year.”
Crossley added that the increased profits reflected the success of the new remuneration structure, first revealed by The Lawyer (13 December 2005). The fee structure is being phased in over three years, and balances the firm’s traditional managed lockstep with performance-based remuneration that factors both partners’ individual performance and that of their practice group.
“It’s not eat what you kill,” Crossley added, “but there are elements of that.”
The results are a welcome sign of recovery in the firm after several years of partner losses. New clients won by the firm in the last financial year include Tesco, Honda, Urban Splash, Matalan and Yum Brands, the company behind the KFC and Pizza Hut brands. The firm has also been re-appointed to the panel of British Energy, the Co-operative Group and The Royal Bank of Scotland.