Tim Cohen: Doubling down on transformation

The fight over transformation policy in South Africa is intensifying as four of the biggest law firms legally challenge the new legal sector codes. Currency News Senior Editor Tim Cohen joins Irakli to discuss the deeper fault lines exposed by this clash, questioning whether the push for 50% black ownership and 25% black women ownership in five years is a realistic goal or a miscalculation. Cohen highlights the absurdity of a sector-wide transformation policy that exempts 95.07% of legal practices, leaving the burden on a tiny fraction of the industry. He further explains why the unique structure of equity partnerships - rooted in long-term professional development, client confidence, and risk - cannot be transformed overnight like a standard corporation. Cohen likens the government's approach to an extreme guru-prescribed diet, arguing that applying a failing policy with even more vigor will only lead to disastrous unintended consequences.