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There is much talk of the S&G problem being about ABS structures but this a red herring. The fact is that bad management will lead to bad outcomes. Although solicitors are not renowned for their business acumen, they nonetheless generally value their reputations and proceed with expansion in a cautious and measured way. Taking over firms with borrowed money where partners are desperate for an exit and, once paid out, will feel disincentivised as part of a huge, remote structure is a recipe for trouble.