“The situation is rather difficult,” says one corporate partner, with considerable understatement. The situation, in the broadest sense, is the current turmoil in the global credit markets, which is fast turning lawyer/client dynamics on their head.

In short, the notion of modern City law firms that you do not ever sue banks is about to face its first major test because those same banks, driven by paranoia and liquidity fears, are currently squaring up to litigate against each other.