Look out investors - the lawyers are coming!

Soon, non-lawyers will be able to own British legal firms. Up to 60 firms may float on the stock exchange. Some would view this as a good opportunity to invest, but Tom Bulford doesn't see it that way.

There are plenty of good jokes about lawyers. Have you heard the one about the terrorist who hijacked a 747 full of lawyers? He threatened to release one every hour until his demands were met.

Or have you heard why lawyers are replacing rats as laboratory research animals? First, they are plentiful. Second, the lab assistants don't get so attached to them. And third, they will do things that you just can't get rats to do.

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Tom worked as a fund manager in the City of London and in Hong Kong for over 20 years. As a director with Schroder Investment Management International he was responsible for £2 billion of foreign clients' money, and launched what became Argentina's largest mutual fund. Now working from his home in Oxfordshire, Tom Bulford helps private investors with his premium tipping newsletter, Red Hot Biotech Alert.