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Alan Miller makes a good point when he refers to, 'the race to pile files as high as possible'. At one time when interest rates were very high, many conveyancers made more money holding large amounts of cash(including stamp duty) than they did by carrying out conveyancing, hence the race to the bottom with fees just to pick up volumes. With low interest rates, the model broke and those firms went bust. However, the Profession forgot to adjust its fee structure to compensate for lost interest receipts and chose instead to de-skill.

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