I had to prepare an assessment of the risks disclosed in the IPH...

I had to prepare an assessment of the risks disclosed in the IPH prospectus.  Hotcopper provided a convenient forum for testing those views.

ePCT was disclosed as a risk but the prospectus did not indicate the extent of the risk.  The WIPO stats illustrate the extent - over 95% of the patent filings (and their profits) would move to the originating foreign firms.

You asked why the principals of the firms which sold into IPH would accept shares as part of the consideration.  Do you know if they had any choice in the matter?

I was told the cash component they received substantially exceeded what they would get from selling their equity to incoming partners.  The shares are just a bonus.  If they sell for $5 a share or 1c they still come out way ahead unlike the public shareholders.

It is all in the timing.  If a partner is making over a million a year why the hurry to sell now instead of waiting a few years.  Why the rush to sell?

To suggest there is 100 firms ignores what the author of the article also wrote, over 25% of the registered attorneys are now within a listed corporate structure.  It is actually greater than 25% because the register includes attorneys who are not in private practice.

Perhaps you should consider some of other issues identified by the author of the article you cited, such as the lifting of the restraints allowing IPH partners to leave and set up competing practices.

http://blog.patentology.com.au/2016/11/a-quarter-of-australias-patent.html#comment-3026911777