The firm that turned

What a relief. After months fielding calls about suing departing partners, Hammonds managing partner Peter Crossley can reveal a welcome piece of good news: turnover and profit both up at the year-end.

The tiny turnover increase marks a mysterious dissociation with the firm’s Italian merger partner, despite talk of the resolution of an uneasy relationship (see story).

Average profit per equity partner (PEP) is up by a booming 23 per cent to £404,000 – a good result by any standards, even if it is inflated by a smaller number of equity partners.

As ever with Hammonds, everything is not completely rosy. The firm will still suffer the reputational fallout of its lawsuit against it own former partners and that could open all sorts of old sores.

But the 2006-07 year-end is a tangible sign of recovery at a firm that has had all too little to celebrate.