It is certainly a worry that the conservatives may go after...

It is certainly a worry that the conservatives may go after other areas and really squeeze the legal industry. Obviously you assume this would lead to significant consolidation of what was left of the market putting the players with the resources to survice in a commanding market position. However, how much pain is there going to be and what is going to be left if thier are sweeping reforms?

I think is is important to remember that in our (Aus/UK) political systems often governments will make sweeping policy annoucements only to have make significant compromises to actually pass it into law. We have seen this time and time again in Australia with minor parties gaining concessions from the goverment of the day. I am not sure of the tories hold on both houses in the UK, (I should research this) but one would think it will require negotiaons and, therefore, compromising which will dulll the effects of the reforms to be passed into law.