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I actually thought about doing something like this in the days of the legal services reform group (the precursor to Clementi), because the writing was on the wall then.

What put me off (other than making huge stacks of money not being a big motivator for me) was the problem of herding SO MANY cats and dealing with the cultures etc.

Anyone willing to take on that challenge - good luck to them. Time will tell.

For firms with no succession route, taking paper when the alternative is nothing (except runoff cover liabilities0 must be pretty attractive.

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