By Janine Perrett

Forget chasing ambulances; when it comes to Slater and Gordon it should be about chasing hearses.

After yesterday's catastrophic revelations you would think things might finally have come to a head on this running sore, sorry publicly listed legal company.

But the gutless board, weak corporate regulators and impotent shareholders have guaranteed that the company will limp along for some time yet.

It was all about the numbers see.

Let us just put the facts out there as any good lawyer would do.

The company announced a $958 million dollar first half loss.

Yes, let me repeat that for you. A middle sized Melbourne law firm managed to rack up interim losses of almost a billion dollars which is THREE times the combined profits it has made since it floated in 2007. 

(To much hype and fanfare, I should remind you as the first listed legal company in the world).

The loss was the result of an $876 million write-down on the value of its British assets - you remember that don't you? 

Only a year ago the company, once again to much hype and fanfare, made a $1.3 billion acquisition in the UK which was funded by an $890 million equity raising and loan facility.

No surprise then that the bank have sent an April 30 deadline for the company, which is now officially on life support.

No surprise also that their arch rival ambulance chasing law firm Maurice Blackburn has already signed up thousands of shareholders for a planned class action suit.

Only last November the board and management told the market all was well despite reports to the contrary.

As they say at the scene of an accident "nothing to see here". 

But oh there so much was.

Yet none of this is the most shocking news of yesterday.

That was the revelation that managing director Andrew Grech, had offered to resign but it had been rejected by the board.

Apparently he was needed in crucial talks with the banks - as he was responsible for getting them into the mess, along with the board, they obviously thought he was best to get them through it.

In reality, who on earth would want the job?

You don't need to be a lawyer to see the implications of this mess.