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This research bothers me. Not just because I get depressed when I read that "target hours have increased". Straws and camel's backs, anyone?

But it doesn't end there. "increased chargeable hours across all bandings" should, surely, lead to bumper profits, not reduced profits. What's going to happen when the next recession comes along, bringing with it not only less work but also increasing pressure on fee rates?

Would I be right in thinking that fees have already been driven down to unsustainable levels?