There has been a lot of hype around Gateley and the idea of law firms being listed.

There is a dark side which is that the firm is then at the mercy of the markets and market's don't like bad news.

The shares in Fairpoint collapsed on Friday to around 20p when they had been 70p a month before and around £1.40 12 months ago.

It is the same business being run by the same people as 12 months ago but is now worth 15% of what it was then.