Motley Fool article on SGH, page-9

I would also add:-

I never said WIP had no value. Of course it does have value. But you have to place an appropriate discount on WIP, particularly where you are running a no win no fee business like Slaters. To treat WIP as profit, before the cash actually hits your account, is risky. You might lose the case. The laws around compensation might change. I think you will find ASIC had an issue with Slaters accounting practices and Slaters have since become more conservative in valuing WIP. That is ASIC raising an issue, not me.