Agree. It seems the focus has been on simply announcing new offices to give the impression of growth each reporting season rather than invest in a smaller number offices to build economies of scale.
A friend of mine is one of 10 partners in a medium sized one-office firm with revenue ~$13-14m and margins are much healthier.
Fingers crossed the market reaction is enough to cause some strategic re-alignment from AFL mgmt.
Ann: Appendix 4E and Annual Report to Shareholders, page-24
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