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The reason why a high growth listed law firm model is unlikely to work is simple. What is a law firm?

Ultimately, a law firm is ethereal. It is nothing. We know what the Redcar steel plant is. It is there. There are blast furnaces, and factory production lines, and heavy plant.

We know what a branch of IKEA is. It is a large warehouse full of stock with a highly computerised logistics system underpinning the manufacture and distribution of the goods.

But what is a solicitors firm. It is just an office space with files in it. And the files don't even belong to the firm, but to the client. And the actual "machinery" of the firm is people. And given the abolition of indentured servitude, the people do not belong to the firm.

So all you're left with if you are an investor is marketing, brand, and the office systems and structures.

And marketing, brand, office systems and structures can be created, replicated, copied, etc., by anybody at the drop of a hat.