A few noses were put out of joint at Allen & Overy (A&O) a couple of weeks ago when Legal Week reported on Bristol-based Burges Salmon’s scoop advising Honda UK on the £200m securitisation of its motor financing business.

Egos were certainly bruised at the magic circle firm. Perhaps it did not suit A&O to have it publicised that a regional firm had done a pretty good job on a securitisation deal – a sector that the magic circle thinks it owns.