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The suggestion that very high hourly rates (and you make no mention of IPs claiming for the time of typists and otehr support staff) are justified because of the cases where the IP is paid nothing would be unethical if a solicitor was doing it. It is also dangerous - it it gained traction the government would soon be telling us to overcharge our paying clients so we can do more pro bono.

Why should client B pay for Client A's failed case (unless, of course, client A knows what's going on and derives some benefit from the arrangement)? I too did some insolvency work and in my experience IPs were quick to identify cases where there wasn't enough money to justify their involvement.