Hammonds profits up as income dips
LAW firn Hammonds has defied a 6% fall in fee incometo £117.8m to boost profits per equity partner by 32% to £364,000.
The national firm, which employs around 160 staff at its 27-partner Manchester office, said it was pleased with the performance for the year to April.
Managing partner Peter Crossley the figures are “on plan and at the top end of our expectations at the start of the year.”
He said: “We have seen growth from our corporate, commercial and dispute resolution, employment and pensions teams, and our Belgian and Chinese offices have had a positive year, recording an increase in fee income of 7% and 6% respectively.
The Manchester office, led by Jane Haxby, won a number of new clients in the year under review, including Wilmslow-based Freedom Finance, Northern Rock, North West transport giant Stobart Group, the Yorkshire Building Society and Everything Everywhere (formerly T-Mobile and Orange).
The corporate team has acted on nine deals in last six months.
Jane Haxby said she was pleased with the performance of the Manchester office, whic she said had increased fee income on last year.
“We were just below £17m last year and we’re just over £17m this yearm which is a great result. I am cautiously optimistic looking ahead and I think we are well-placed. Obviously times are still challenging.”
Mr Crossley said the firm’s German practice and real estate division had had the most difficult year, while the star performers nationally were pensions and employment.
