‘Under new management’ is the metaphorical sign currently hanging outside Hammonds’ beleaguered offices. The decision to ask the firm’s partners to vote through a cut in their drawings against a background of sliding profits is the opening gambit of newly-installed managing partner Peter Crossley’s planned restructuring.

Unsurprisingly, the move, which follows a £10.5m cash call in 2003, has fuelled speculation about the exact state of Hammonds’ finances.