Law Partners Get Shares Free, page-34

@hewjet

• Diworsefication is a Peter Lynch quote which doesn't apply here. I suggest you read what he actually said.
• SHJ is not SGH or Enron and the key diference is there is no fraud here.
• Partners buy into legal firms, through years of hard work and with paid capital.
• A business owner will call employees standing up for their rights extortion. The employees have a different perspective.
• It's great you think the industry has no future, I love buying companies when people think this. It's a strong indicator that people will sell at any price.
• The PE should be similar to listed engineering services companies. We work for pay lawyers can too. The main difference is that lawyers make no contribution to society.
• After that the PI system is nuts. Kiwis consider yanks and aussies very backward. ACC is the way foward. Just like heakthcare in the U.S. this won't be fixed while government is run purely in the interests of weathy as it is. It's a clear symptom of this.

@tim8wilson the problem at Quindell was fraud. As Bill Black (an expert in the subject who prosecuted the savings and loan crisis frauds) said about the GFC explosive growth in a mature industry can only be fraud.
That seems to make sense be it subprime loans or noise induced hearing loss claims exploding 20 years after the widespread introduction of earplugs.
You can't blame the government for this, just SGH shareholders who funded the fraud.