Not very impressively for a paid-up pundit, I wouldn’t have guessed Halliwells would be the first. While it has looked likely for some time that the current slowdown would see some retrenchment at the offices of new and newish entrants to the competitive City market, the expansive Manchester-based Halliwells didn’t look top of the list.

True, the ambitious firm still gets more than its fair share of sniping from rivals and critics would argue it could have done more to mature its practice to reflect its greatly-enlarged scale. But Halliwells still seems to have got a lot more right than wrong over the last five years.