Ann: Appendix 4E and Annual Report to Shareholders, page-23

Two potential positives among the doom and gloom:
- With hours lost to covid having peaked, billable hours and margins should increase
- Law firms would tend to generate greater economies of scale from the size of each office than the number of offices. (According to my brother who's former CEO of a mid-sized firm). Now they've got a national footprint, margins could improve if and when each office grows in staff and client numbers.

This is a sustainable business which could generate decent returns on investment. The question is, will shareholders get a decent portion, or will it be swallowed up by unreasonable management "incentives"?

If ever shareholder activism were justified, it certainly is with this company.