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£600,000,000! Blimey. That's about 15 years worth of current profits by my calculation. Profits, I might add, that are currently used to pay the Partners. Assuming the Partners all remain at DWF and still want to be paid, where is the return for investors coming from? How on earth is that valuation worth it, especially given DWF's heavy reliance on insurance work? A lot of money is going out of the firm as part of this deal - someone has to earn that money in the future. I hope the poor souls working very hard for the next 20 year to pay for this don't feel too let down.