AnalysisDLA likes to be unpredictable. Still, few would have foreseen last week’s poaching of Orrick Herrington & Sutcliffe’s UK securitisation team as a likely move, even for a national firm that has put more emphasis on its banking clients than most rivals.

The upper echelons of banking and high finance have long been the preserve of London’s top-tier players and are rarely targeted by the so-called national firms – certainly not by the kind of brash, pushy northern firm DLA was once perceived to be.