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I have seen several firms where the partners just would not share the profit so failed to take on partners and then when they got into their 60s, it was too late. The present generation of assistant solicitors are unwilling to borrow, often secured against their homes, to buy into what they view as a valueless (but risky) business, to reward and release the present partners.

Let's face it - why should they want to? A present day firm of solicitors is just a heavy liability around a partner's neck. One which the PII insurers may close down each year by refusing to offer cover or that the SRA may decide is risky so intervene. Bang - business gone!

Far better to stay on a salary, ideally with performance related bonuses but keep hold of your home and avoid judgments, SRA interventions, SDT proceedings, run-off cover, bankruptcy, imprisonment. Have I left anything out?