With Europe currently in the throes of a surge in big-ticket M&A work not seen since the heady days of the late 1990s, it is easy for deal lawyers in the City to reflect on the cyclical nature of the market.

Such philosophical musings inevitably come easier in times of plenty, however, and for deal lawyers in the regions – particularly those specialising in private equity-backed deals – the last few years have offered little promise of good times ahead.