Pannone & Partners’ managing partner Joy Kingsley does not think the term ‘mid-tier’ holds much water. “How do you judge who is in the mid-tier?” she says. “Is it headcount in Manchester? Office space? Profits? Or does it just mean firms that have offices outside of Manchester?”

She has a point. In terms of profitability and take home pay, Halliwell Landau might well be viewed as the very pinnacle of the top-tier – or at least a
pretender to the throne.