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It must be clear to anyone with any common sense that £4m is not a sufficient "war chest" to launch any form of acquisition assault and certainly not to acquire 60 law firms in 5 years which is metamorphors stated intention.

I suspect law firms will be invited to join the group on the basis they are acquired for £1 and any capital account value is converted into shares for the various equity partners. however, heres the rub I bet those shares cannot be converted/sold for at least 5 years.

I suggest any firm looking at this proposition read the LG article re the Lawyers who sold to Slater and Gordon nursing a £13m paper loss on shares that they were locked into and can now only just sell.

As with everything do you due diligence and learn from the mistakes of others.

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