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A remarkable achievement for James Knight of which he should be justly proud. However, for anyone accessing venture capital, there are always strings attached and the inevitable exit point at which the investors want to cash in at 40 times their investment. The usual way of doing that is to float. Would a listing have been contemplated without VC ? Maybe not. Will this particular model withstand the constant pressure of increasing its share price without resorting to M&As which mask zero organic growth ? We'll have to wait and see. Fierce competition from Lawyers on Demand internationally and others. Both are leading the downward march on pricing. A good article - as always from John Hyde.