Sometimes it’s nice to jump outside the legal goldfish bowl. One such occasion occurred recently when I was asked to speak at a conference on Sir David Walker’s disclosure code for private equity, which provided a fascinating insight into one of the most dynamic and controversial forces in modern capitalism.

Given that a slightly self-serving report from the BVCA this week estimated that the industry generates £1.2bn in legal fees annually in the UK, I imagine a lot of our readers share this interest so I’m going to wander outside the legal world a bit on this blog entry.