“We keep the situation constantly under review” – that favoured non-comment of managing partners everywhere has been getting a dusting off, this time for Ashurst’s partnership review. The firm has been here before in 2004 after approving plans to create a bonus pool aimed at rewarding top performers and fending off predatory recruitment. The current review has led to talk of measures designed to produce similar scope to reward top performers. However, following two years of excellent financial performance, such strategic thinking looks as aggressive as the previous initiative was defensive, giving the firm a chance to capitalise on its current strength with top-level recruitment.

But the feedback from partners (who are more supportive of this move than the divisive bonus episode) indicates there is something much more powerful than strategy driving the review: demographics.