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11.37am Hammonds managing partner Peter Crossley may well have a little skip in his step this week. Seven of the eight former partners in dispute with the firm over drawings on anticipated profits paid out between 2003 and 2005 have settled.
5 March, 11.37am
Hammonds managing partner Peter Crossley may well have a little skip in his step this week. Seven of the eight former partners in dispute with the firm over drawings on anticipated profits paid out between 2003 and 2005 have settled (see story).
Hammonds was after £1.7m from the group, but the final settlement remains confidential.
Former partners Marija Danilunas, John Deacon, Mark Hilton, Jonathan Hosie, Simon Palmer, Martin Thomas and Stephen Tupper have added their names to a list of partners that have settled that runs into double figures.
The litigation yoke, which has hung around the neck of the firm for the last two years, has finally been lifted. The one little stone in Crossley's shoe now is former partner David Jones, who is yet to reach an agreement with the firm.
With the end in sight, it looks like Crossley's strategy of fighting the former partners in the High Court has been vindicated. Hammonds can start to put the past behind it now and get on with the tough job ahead of weathering the economic storm.
Crossley might be skipping, but he could find himself skipping out of the frying pan and into the fire.