Ann: Results of Meeting, page-25

I think AFL has moved away from their core business, which I find a bit concerning.
The client demand is there for sure, I just think staff retention and staff shortages are hurting the ability to grow revenues.
Instead of conceding that revenue will slow, I believe they acted in a way to continue to grow at all costs.
I generally get nervous when legal firms (or service based business in general) do a lot of acquisitions.
Firstly, it generally signals that the core business / organic growth opportunities are not that strong.
Secondly, in buying a service firm you're basically buying the "Goodwill" and "Customer relationships" -which is fine.
However, what happens if key personnel leave, and you've levered up?
This can become disastrous combination, e.g. see Slaters.