For most UK firms the market is looking considerably rosier today than it was back in December 2004. But partners at Pinsent Masons will always look back on that time with a certain amount of fondness. For that was when Pinsents sealed its merger with Masons.

The market may have been sceptical about the deal, but for the firms involved it held up the possibility of a dramatic change in their fortunes, by allowing two sleepy mid-market firms to raise their game.