UK firm Hammonds has been hard hit by the departure of its commercial insurance team with a slump in per-partner profits and a drop in turnover.

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.”

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