Hammonds’ average profits per partner have slumped 18 per cent from £330,000 to £272,000.
Turnover for 2003-2004 is down 1 per cent to £136m, which includes a £7.1m loss of revenue due to the departure of the entire commercial insurance team at the beginning of the last financial year.
Senior partner Richard Burns said: “We are disappointed in the fall in profits, which reflects our decision to maintain fee earner numbers and increase partner numbers.”
