For a firm that is renowned for taking a long time to do anything, Pinsents has had a remarkably active couple of years. After securing its 2001 merger with Biddle, the firm found time to sort out its long-delayed Manchester launch, swallow up Garretts’ Birmingham arm and set up alliances in France and Germany. And now comes another prospective London merger, this time in the shape of Nicholson Graham & Jones (NGJ).

At first glance it seems to make sense, given the wider context of the drive by the nationals to crack the City and those struggling London mid-tiers. Yet it remains hard to see what NGJ brings to the table.