Turnover slipped again slightly for IBB, from £12.9m in 2009-10 to £12.6m last year. Net profit followed suit, decreasing fractionally from £2.5m to £2.3m. It was a frustrating year, according to managing partner Steven Booth. The firm had difficulty chasing up a number of debtors, with approximately £150,000 escaping last year’s turnover figure.
Despite this, IBB saw the revenue of its commercial services group grow by 11.4 per cent. This group includes dispute resolution and employment. The firm’s private client practice revenue increased by 2 per cent.
Equity partners currently contribute between £80,000 and £130,000 in capital. Booth said he is looking to increase this range from £100,000 to £150,000 in a bid to reduce reliance on external funding.
Significant hires over the past year included Jo Coleman, who joined from Farrer & Co as a partner in the charities team. Richard Phillips joined from Irwin Mitchell as head of family law.