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As others have noted, this is a natural consequence of the legal sector being liberalised by the introduction of corporate structures. There are some curiosities though: (i) the average recovery for unsecured creditors is 40% the recovery in administrations as a whole; (ii) why? Is it over enthusiastic borrowing, or a natural consequence in the development of a new market (rather like railway companies in the 1840s)? (iii) how much impact has the post Lehman environment contributed?

Anon at 11.18 asks pertinent questions.

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