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Anon@10.23 is undoubtedly correct. The race to the bottom has lead to smaller firms being unattractive, and although they limp along, the partners (often two or less) see their exit strategy as being taken over, rather than finding someone to buy a practice that is increasingly unsellable.

Thus the exit is simply a takeover by the largest firm in town, selling the office building and working for a couple of years as a consultant. From my personal observations, I see this as a major reason for the reduction in High Street conveyancing firms.