Results published by Hammonds LLP for the year to April 2010 show that the firm's fee income was £117.8 million, a decrease of 6 per cent, while Profits per Equity Partner stand at £364,000, an increase of 32%.
Peter Crossley, Managing Partner at Hammonds, said: "We are pleased with our performance, which is on plan and at the top end of our expectations at the start of the year. It is a credit to everyone in the firm how we have risen to the challenges presented by the difficult commercial environment and goes to show what can be achieved through strong team working and client focus.
"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.
"This year we have continued to invest in core areas of the business and have made a number of partner and senior lawyer lateral hires into our commercial and dispute resolution, pensions, property and planning teams, both in the UK and within our international offices. These appointments have added impetus from a business development perspective and we expect further growth within these teams as the markets continue to recover.
"We have also been working on our pricing strategies to bring greater flexibility for our clients, which has given us very high client satisfaction ratings in independent surveys and contributed to the strides we have made in developing our very loyal client base over the past 12 months."
"Going forward we will continue to invest in growth areas for the firm, in particular sectors such as energy and utilities, and international marketing initiatives in Europe and in the US."
Client highlights from the last 12 months include:
- advising Rensburg Sheppards on its all-share £412m takeover from Investec;
- advising Care UK on its acquisition by Bridgepoint Capital for £281 million;
- advising shareholders of Cath Kidston on its £105 million sale to private equity house TA Associates. Follows appointment in late 2009 as sole adviser on IP, branding and trademarks;
- advising Lloyds Bank Group's Retail legal team on its collective approach to structured alternative dispute resolution.
- advising Brit Insurance as the England cricket team's new sponsor;
- advising Capita Pension Trustees Limited on an 'all risks' buy-in transaction, covering three pension schemes and involving a total premium of over £130 million;
- advising several Asian clients including the largest Chinese exporting producers, Zhejiang Hailide New Material, on an EU anti-dumping investigation targeting high tenacity yarn of polyester originating in China, Taiwan and South Korea. All Asian clients received a zero dumping margin in the Commission Regulation, published last month.
Notes for editors:
- During the past 12 months Hammonds has appointed 11 partners in corporate, real estate and planning, pensions, insolvency, environment and dispute resolution.
- The firm has also promoted 17 partners over the same period in corporate, competition and trade, pensions, dispute resolution, employment, tax and commercial.
- Legal Week awarded Hammonds the accreditation of Best Legal Adviser in its Client Satisfaction Report 2009
- Hammonds prides itself on its loyal client base with 73% of the firm's top 100 clients advised by the firm for five years or more, and a further 18% of the top 100 clients advised by the firm for four years.
For further information contact:
Nicola Woodmass, Head of Communications, Hammonds LLP on 0121 222 3690 or email firstname.lastname@example.org