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Ian,

If there is a collapse of S+G then the SRA simply will not be able to cope.

Protecting the client's interests would mean (in the case of PI) finding a firm with the capacity to take on what 20, 30 or 40 thousand cases without missing procedural deadlines / over looking evidence etc etc. There quite simply isn't the capacity.

The intervention agents won't be able to cope.

The next option is to find a buyer, who's going to buy the practice? The idea that anyone is goign to spend any real money and take the successor practice risk is as mad as the idea of paying £650m for Quindell.

The fee earners will have spent all weekend polishing their c.v. and will be looking for a berth anywhere else, even a 10% departure will put an enormous strain on the practice as it's not as if they're going to be able to recruit.

I was watching the rugby with junior counsel and all of them said that they would not now act other than if they were paid in advance, while this won't be critical in and of itself it will put a further unexpected drag on cash flow / reserves / facilities.

So even if there's a pre-pack and the previous owners buy their old firms back those firms will be zombies.

If this goes 'pop' then it may account for the SRA as currently structured (see the discussions in Parliament re separating the SRA from TLS).

I can't see there being any fix that the banks are going to 'buy' and they may as well switch off life support when there's something worth selling.

I don't think its time to plan to return the patient to the theater, I think it is time to plan for the funeral.