Hammonds has launched a complete review of its business strategy as part of the ongoing shake-up at the firm.
The review is the latest move in a series of steps aimed at reversing the firm’s declining profit. Hammonds launched a new partnership board in January this year and elected Peter Crossley as its new managing partner last summer.
Partnership board member and tax partner Bernhard Gilbey is leading the review. He said: “It’s talking to partners, talking to staff as well and trying to be clear in our minds where the right direction for the organisation is.”
The review involves talking to all of the firm’s partners about the way forward. Gilbey’s investigation team includes Madrid head Francisco Guijarro, Manchester corporate head Stephen Levy, Leeds litigator Simon Miller and finance director Laurence Campbell.
Hammonds is currently bracing itself for a 25 per cent drop in profitability following the institution of an ‘exceptional charge’, which consists of reorganisation expenses and a fee write-off from a Customs & Excise case. The firm has delayed the announcement of its financial results for 2004-05 until July.