Top M&A lawyers are a red-blooded bunch and traditionally far more bullish than their conservative colleagues in other practice areas. So it has been pretty depressing to watch how subdued they have been over the past few years. Even once the worst of the crisis was over, few have been willing to stick their neck out beyond muttering about ‘cautious optimism’, the anaemic phrase that has become their post-crunch cliche of choice. 

So as the first law firm financials start to filter out at the half-year point, it is heartening to see a faint glimmer of hope among the UK’s leading dealmakers.

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