Twenty years ago Stephenson Harwood was considered a City thoroughbred – a serious contender for magic circle status.

So when the firm launched its ‘positive action plan’ last week – a drastic commitment to rebuild the firm from the ground up – chief executive John Pike was not just reacting to the drab state of the market, but was seeking to halt more than a decade of slow decline. ‘Brave decisions, but not a moment too soon’ seems to be the general feeling among those who know the firm.