After several months of threats, Hammonds finally filed its claim against a bunch of former partners who have failed to repay a share of the firm’s profit previously distributed to them. See story.
Hammonds has been rattling its sabre for some time, but the former partners will not back down. They’re ready to fight their corner in court. Their lawyers, Addleshaw Goddard, were ready for this move and have escalated the dispute from partnership expert Richard Linsell to litigation partner Pietro Moreno.
Both sides seem equally confident of success but expect a lot of pre-match jousting as Hammonds continues to refuse the former partners information they have repeatedly asked for. The spat is likely to make the BAE saga, which is also becoming a family affair, look tame. See story.
Hammonds’ confidence is returning, but it has yet to recover as well as Stephenson Harwood, which has emerged from a botched and acrimonious merger with Sinclair Roche & Temperley with average profit per equity partner (PEP) now hitting £530,000. It wasn’t long ago that Stephenson Harwood was tipped as the next firm to ‘do a Hammonds’.
Check our Top of the PEPs feature, which will keep you updated with all the latest financial results and a commentary on the latest firms to post their figures. Today, it’s Stephenson Harwood’s turn.