This has come up before but from a business standpoint I am not...

This has come up before but from a business standpoint I am not sure SGH tanking will mean all that much for SHJ.
Most tort law firms in Australia are not listed and that includes the larger ones excepting SGH. The market is also extremely fragmented - meaning that the top players hold a fairly small share of the market collectively. Despite being listed SHJ is also reasonably small compared to Slater's Aussie business - though this may change over time - and Slaters is not the only large competitor in the market.

Additionally despite Slater's problems their Australian business is unlikely to tank completely, even if the share price tanks (even further) and shareholder value is diluted into oblivion, the Aussie business is still strong and though damaged will probably continue.

So from the standpoint of Shine the problems with Slater are actually not very relevant - if we exclude the impact on investor sentiment from people associating the two.

Don't get me wrong - I'm bullish in the long term on Shine's prospects, and I believe the stock is cheap but I don't know if the share price will suddenly bounce post results. It may or may not, (remember there is a another WIP write-off) but long term i think we'll be fine.