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"If (or as many believe when) S+G suffer a disorderly collapse I cannot imagine that there will be a single lifeboat (or even a fleet of three a la Halliwells) as I cannot see anyone wanting to take on the black spot."

There's been a steady stream of people leaving S&G since pretty much day one of S&G. The first to go (I was amongst them) were treated as jittery harbingers of doom, however as time went on and it became clear what was happening, more and more people left. Just this week, what used to be the core of S&G's remaining Court of Protection department went over to Irwin Mitchell. In all branches of the business that I am aware of, there has been a haemorrhage of talent over several years.

It is certainly not true to say that there is nobody of talent left there, but it is true to say that the firm has lost most of its big guns, along with a lot of its serious injury clients.

You are right though. The market is saturated and the conditions unfavourable. If and when the ship sinks, most will find that the only available lifeboats had left a long time ago.