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The latest accounts at Companies House for Celame (UK) Ltd, which owns JustBeagle, make for interesting reading. Illiquid, insolvent and more than £250k of accumulated losses.

As to the operating model, the website indicates it will list all 10k + solicitors firms, suggesting a direct feed from the SRA. So the money-making model must be either to charge firms for leads (as per Law Superstore) or, more likely, charge firms for 'enhanced' listings (as per ReviewSolicitors, which has a considerable head start and first-mover advantage).

Ort maybe the investors think it can thrive on advertising income encouraged by high click rates and an attractive demographic group likely to be using it. Hmmm.

Either way, it cannot succeed unless firms choose to engage with it.

An arresting banner at the top of the 'SyndicateRoom' website reads 'SyndicateRoom is for sophisticated investors who understand that their capital is at risk'.