I agree with the logic, its the same in consulting.
I’m still struggling to reconcile the numbers that you have quoted though. I guess what I’m after is a simple worked example of your average high st practice, with basic assumptions of fees to revenue and then the costs of doing business.
As much as Adam’s example of £300-400k in fees is an exception, I’ve no context to assess whether your example is just another exception at the other end of the spectrum.