Hammonds has settled with seven out of eight former partners involved in a £1.7m profits dispute with the firm, days before a cost hearing was due following a High Court clash.
The firm has settled with former partners Marija Danilunas (pictured), John Deacon, Mark Hilton, Jonathan Hosie, Simon Palmer, Martin Thomas and Stephen Tupper. David Jones is yet to reach an agreement with the firm, which is expected to pursue costs against Jones.
The firm said in a statement: “It’s a matter of huge regret that David has not settled with us and we’ll continue to search for an amicable resolution with him.”
The seven partners and Hammonds litigation partner Simon Miller, who constructed the firm’s case, said in a joint statement: “We’re pleased to report that Hammonds has reached an amicable settlement with seven of the remaining eight former partners with whom the firm has been in dispute.
“The former partners have acknowledged their obligation to repay the firm and with the exception of David Jones this draws a line under the disagreement between partners in the affected years.”
Addleshaw Goddard litigation partner Pietro Marino acted for the seven partners who settled, with Aaron & Partners litigation partner Trefor Jones advising David Jones.
The two parties were in dispute as to whether the former partners could be forced to pay back overdrawings on anticipated profits paid out between 2003 and 2005.
In a High Court judgment Mr Justice Warren ruled that the former partners were bound by the partnership deed and could be liable to pay back the money (13 February).