Hi, PioupiouI agree about the scope for expansion, and I...

Hi, Pioupiou

I agree about the scope for expansion, and I wouldn't write them off because of the large goodwill figure. One thing that has changed a lot, though, is that the legal business is becoming a lot more competitive, with several international firms moving into the Australian scene in quick succession. I'm not sure how this will affect S&G, as they largely seem to be targeting expansion in the less glamorous parts of the business (conveyancing, family law), which probably won't attract the big global firms, but with the fall-off in a lot of the conventional corporate business, it may be only a matter of time before these areas become more competitive as well.

J