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Hammonds PEP falls by 9% while turnover edges up

Author: Claire Ruckin

Published: 01/07/2008 12:09

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Hammonds has posted a drop in profits per equity partner (PEP) of over 9% for the last financial year, as the national giant becomes the latest firm to announce its year-end figures.

Year-end results announced this week put Hammonds’ PEP for the 2007-08 financial year at £367,000, a 9% drop from last year’s figure of £404,000.

Turnover at the firm increased by 3.4% to £132m, up from last year’s figure of £127.6m, while pre-tax profits stood at £27.3m.

The firm cited its employment, pensions and corporate practices as strong performers over the year, while internationally Hammonds has experienced a massive 32% jump in fee income from its offices in the Far East.

The announcement comes after the firm made a number of changes to its infrastructure, including introducing one financial operating system across all of its international offices, converting to LLP status on 1 May and conducting extensive refurbishment at many offices.

Hammonds managing partner Peter Crossley (pictured right) said: “Despite facing challenging market conditions, we have posted a set of financial results which keep us on track with our strategy.”

He added: “Clearly it is important to us that we maintain our year-on-year progress, but we are very much focused on the long-term future of the business. During the course of the last 12 months we have taken steps to create a solid foundation for growth, including our move to LLP status in May and introducing performance-based pay.”

The firm promoted 22 lawyers to its partnership in its latest partnership round, as well as making nine lateral hires.

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