"...Shares hit a high of almost $8 in 2015, but has since crashed to 11 cents. Most analysts have dropped the stock, and Morningstar has valued it at just 1 cent.
...Montgomery Investment Management shorted the stock, reaping profits off the fall in Slater's share price.
The ABC understands the cashflow problem has become so bad that some barristers are asking for up front payments before they will do any more work for the firm.
Meanwhile, its main competitor Maurice Blackburn has launched a class action against Slater and Gordon, claiming the company did not inform investors about its true financial position early enough.
That was in relation to a reaffirmation of its earnings guidance in 2015, before it backflipped less than two weeks later.
The Australian Securities and Investments Commission is also investigating.
"At the end of the day, the board's accountable and probably in different circumstances we'd say the chairman should resign," said Mr Bowd.
"At this point in time it's in the best interests of shareholders that current management stay and lead the recovery."
