First, a word of advice to the senior editors at all newsrooms around what was once Fleet Street - sit down before reading this.

Law firm partners are no fatter cats than they were 20 years ago.

According to research published this week, the economic climate in which lawyers do business is now more competitive and arguably harsher than at any time before.

Indeed, the survey from the Centre for Interfirm Comparison is interesting mostly in the way it highlights how profoundly the business of law has changed over the past two decades.

Profit margins have narrowed considerably - down more than a quarter.

Non-partner fee-earner salary levels have increased, as have the demands of those staff for more flexible working arrangements.

And the survey contains yet more bad news for residential conveyancing specialist solicitors.

Home-buying and selling now accounts for a small percentage of law firm revenue across the country, having tumbled from nearly half two decades ago.

In an ever-increasingly liberalised environment for legal services, it will be intriguing to see whether residential conveyancing solicitors exist in another 20 years.

This week, we also see evidence of what could be interpreted as a direct by-product of a generally keener competitive business environment for lawyers.

Solicitors' firms are being encouraged to limit their liability to clients.

The stark warning is: don't be the only professional advisers on a deal with bottomless pockets.

Especially when those pockets are not only not bottomless, but actually smaller than they once were.