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10 lost years

10 lost years? Isn't that what the politicians say lies ahead of us in the UK? Maybe so – and we all hope they’re wrong, even if expectation says otherwise – but that’s not the decade I had in mind.

I am thinking of the first decade of this century which saw boom times for many professional service firms, especially law firms.

With revenues rising steeply, and profits hitting unprecedented highs, at first sight it may be hard to identify what was lost. That is precisely the point.