While the maxim that perception often lags reality is as applicable to the legal market as any other, the depressing news emanating from many mid-tier property firms has the indisputable ring of truth about it.

Four property-focused firms – Berwin Leighton Paisner (BLP), DJ Freeman, Dechert and Masons – made real estate lawyers redundant this year. The same four were among the worse performers in the City in terms of profitability, posting drops of between 10% and 23%.