A couple of heads of large law firms told me recently they are rushing to hire restructuring partners. Their logic is simple. A global downturn is expected and firms need to have partners in place before the spate of insolvencies hits.

It seems the pace of such work is already picking up. In recent months, firms have jumped on roles for the likes of British Steel, Monsoon Accessorize, HMV, Patisserie Valerie and Utilitywise. Others have included House of Fraser, BHS, Poundworld and Maplin.