The fortunes of investment bankers and M&A lawyers are inextricably linked. The two professions work hand-in-hand. What is bad for the bankers is usually bad for their external counsel.

And nowadays, investment bankers do not have much to smile about. The dog days have definitely returned to the financial services sector. Business, with the exception of fixed income, is abysmal and even profit margins in debt issuance and trading are down.