Given the patchy record of its M&A adversaries in taking on the private equity market, there can have been little surprise that Linklaters’ proclamations of interest in the sector generated more amusement than fear among industry experts.

Sure, the big boys fancy dabbling in the market when they see a couple of mega buy-outs float past their listed corporate teams, but cynics argue that the City’s giants do not have the patience or temperament to nurture a leading buy-out practice.