Hammonds partners have returned from their biennial partners’ conference committed to continuing with the strategy set down in April.
Partners claimed that there was a buoyant mood within Hammonds as the firm’s partnership board made the decision not to renew the current 14-month lock-in when it comes to an end on 30 June.
The firm’s entire international partnership of around 200 equity and salaried partners met in Cannes on 9 and 10 June to discuss Hammonds’ new strategy and how to implement it.
Managing partner Peter Crossley said the partners were very pleased with the conference. “This will significantly assist in maintaining the momentum of improvement that we have experienced in the firm during the last year,” he added.
Sources within the firm said Crossley’s keynote speech on 10 June was well received by conference delegates.
The firm has not yet announced its results for the last financial year, but Crossley said that Hammonds no longer needed to tie its equity partners into the firm to achieve stability.
The decision not to renew the lock-in came after consultation with the partnership. Since it was instituted in May last year, Hammonds has lost a number of salaried partners who were not affected. Most recently, litigation partner Paul Dillon announced his departure for Richards Butler.
Hammonds announced the results of its extensive strategic review at the end of April. The firm is seeking to refocus on the way it secures new business; restructure its business departments; replace the senior partner with a non-executive chair of the partnership board; and move towards firmwide performance-related pay.
London-based tax partner Bernhard Gilbey was elected to the position of Hammonds’ new strategic director after leading the review, which saw consultation with partners across the firm.