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"... in the traditional partnership model I think it very likely the outcome would be worse for everyone, including clients and employees."

In the traditional partnership model the partners would never have indulged in such reckless and irresponsible conduct in the first place, as they knew that they would have to accept personal responsibility for their actions.

Limited liability allows solicitors to gamble with their clients and creditors, hoping that business will improve but able to dump all the losses on those clients and creditors if it doesn't.