The 'sell' and 'not held', page-61

This business model isn't fit for public listing, it more for partnership type of model.

as the majority of the cost goes toward paying staff, so if you are shareholders there isn't much left that the firm can ditch out to you.

This business model also very hard to scale up, you take on more work you need more staff or acquire more firm at inflated price, eventually, things will catch up as you don't have the cash flow

that why there is NO successful law firm listing anywhere on the planet.

compared to the like of supermarket, iPhone maker and the like they can scale up and becomes more efficient and thing cost less to produce and pocket more profit.

With professional firm where most of the cost are human labour it hard to scale up and hence my rule
NEVER invest in professional firm business