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I couldn't agree more with Andrew Mcnish's comments. Clearly there will be (broadly) two areas of 'practice' - the commoditised branch populated by paralegals and computer driven and then the bespoke work, the reserve of experienced solicitors. I know what I would rather be! Private equity needs to be very careful - external investment, if it pushes out prospective new partners (we all want a share of the profits or at least the opportunity to have that share) risks watching talent walk. There will always be an alternative, no doubt traditional type practice, to go to.