Gloucestershire firm Rickerbys’ turnover fell for the second year running, down by 10 per cent to £7.9m. In 2009-10 turnover fell by 11 per cent, from £9.9m in 2008-09 to £8.8m. It attributed a portion of the drop to the sale of its equity release practice in 2010 and part of its residential conveyancing practice, in respect of which Rickerbys paid referral fees to estate agents.
In spite of the drop corporate still did well in 2010-11 and was around 25 per cent ahead of its target. The increase was partly down to more private equity work coming out of London, according to managing partner Anne Compton, who has presided over the firm for six years.
The education team also found a boost helping schools convert to academies - Rickerbys has acted on 50 such instructions already. There is a touch of serendipity here: Gloucestershire has had more conversions than any other county and the schools like to use local firms.
Rickerbys has a two-tier partnership with fixed-share and equity partners; the latter progress up a lockstep based on merit, typically taking five years to reach the top.