Hammonds partners face informal 14-month lock-in

Harris, Joanne
March 2005
Lawyer;3/7/2005, Vol. 19 Issue 9, p1
Trade Publication
This article presents information on Hammonds which is considering asking partners to commit to an informal 14-month lock-in in an attempt to stem the tide of departures from the firm. The move is under discussion following a recent wave of departures from the firm. A total of 12 partners have announced their resignations since 1 January, 2005. The length of the commitment is in line with the firm's turnaround strategy following the news in early February 2005 that reorganisation costs and a hit from a fee write-off would result in a profit drop of up to 25 percent.


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