Good to see that Hammonds is taking financial matters seriously.
Last Wednesday (9 June) the firm’s managing partner Chris Jones made a presentation at a law firm conference on financial management, organised by his bankers Barclays. Now, as Tulkinghorn is sure you are aware, average profits per equity partner (PEP) at Hammonds have just dropped by 18 per cent, from £330,000 to £272,000. So was Jones being ironic? Perhaps Jones was putting on a similarly brave front as that worn by senior partner Richard Burns, as reported in The Lawyer (31 May).
Burns said he remained convinced that PEP would break the £400,000 barrier by the end of the next financial year and that the benefits of the firm’s investments would “flow through this year”, adding: “How much? Who knows?”
Perhaps the chaps from Barclays were able to tell him?