It is easy to use the benefit of hindsight to say a deal was never likely. But Allen & Overy's ill-fated merger attempt with O'Melveny & Myers really did come close to achieving the near impossible.

Then again, few would have been surprised to see Monday's news that the deal is off.

Agreeing to things such as a name and a basic remuneration structure should not be sniffed at. Many other firms have failed to get so close during transatlantic negotiations. Yet for all the growth and diversification benefits a merger would bring, it also threw up a few awkward questions.