XIP First Day of Trading, page-12

I know these guys well and they're a very solid IP firm - albeit in the 2nd tier of size in the local market. The question I have re this float, and IPH and other professional services firms generally is how clients will respond when they see just how high the margins are on the work they do (which is largely fee-for-service work). The squeeze is on for lawyers' hourly rates and I would imagine the extra transparency that comes with being publicly listed will only accentuate that trend.