It is one of the ironies of the current market that just as corporate counsel have fallen well and truly for the allure of the ultra-specialised external adviser, current markets are making private practice question the charms of specialisation.

Of course, the consolidation of top firms, driven by an eight-year expansion in M&A activity, made some kind of shift from general practice a sensible move and a key tenet of the ‘strength in depth’ line peddled to major clients.