When Slaughter and May was told by Schroders, an established client for almost 100 years, that it was ditching its preferred adviser system for a new global panel, the magic circle firm barely raised an eyebrow.

Unlike many of its rivals the firm does not send secondees over to win the trust of new heads of legal at top clients like Schroders and has not forwarded a glossy brochure to explain how it could provide a more ‘seamless service’ to its client.