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How can so few members be aware of the situation? Well I suspect it has something to do with the DNA of the modern lawyer. Part lemming, part sheep, and part Ostrich.
For most lawyers this is not an issue at all as they are not equity owners of firms - so no great clamour from them. For those happy few that are, and are approaching retirement I suspect that whilst they are aware it is just greeted with an air of resignation. More and more firms have limited liability status now. Those that don't should actively consider it. It may not provide the whole answer even so.
The pendulum that rang in the advent of open market insurance to the benefit of large practices will eventually swing the other way. The huge discrepancy in the percentages of turnover charged between small practices and large ones coupled with the demise of SIF is ramping up the burden on the little guy.
Maybe that is what is intended - to force small firms to combine to make larger ones that can more easily be administered and regulated - and have a better chance of continuing in the medium to long term?
Meanwhile everything is in my wife's name and has been for years, even though my practice was a limited company and I am now in a larger successor practice that is an LLP.
A good article Fiona, and I share your concern. I suspect the problem is the ones that need to wake up are the ones that are falling asleep at their desks working into their mid to late 70's or beyond. Hamsters on wheels with no way to stop or get off.
Our representatives (as opposed to our regulators) should be doing something effective about that.