Partnership to vote on proposals; firm blames move on review after disappointing year
February 09, 2005 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Hammonds is set to slash its partner drawings by 12% for the next 14 months in a radical shake-up of its costs and partnership, as it emerges that the firm is still more than £25m overdrawn.
The firm announced the cut in drawings last Thursday (2 February) amid indications that the firm’s average partner profits – which currently stand at £272,000 – could fall by as much as 25% in the year to April.
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