capital LIGHT, page-12

Saintex,

I suspect that the current model will work for a while longer - there may be a limited number of new offices that make sense but there is no reason why you can't employ a senior lawyer with a client base into one of the existing offices.

However, at some point I expect they will start to buy up smaller practices. The only question is what combination of cash / script they choose to use.

A growing and profitable firm should create abundant opportunities for staff promotion and remuneration which should help to keep staff happy.

A happy team of staff and a firm with scale should offer advantages to clients - and the opening of numerous smaller offices probably prevents the firm getting too monolithic from a client point of view.

Also looking forward to the AGM and the commentary.

L2