The recent exodus of corporates away from the UK for tax reasons may not be good news for the Revenue, given the battering it has already taken this year over the taxation of non-doms, but law firms must be thanking their lucky stars.

At a time when large corporate deals are few and far between, the decision of FTSE 100 pharmaceutical company Shire to relocate to Ireland has kicked off a steady stream of work for City law firms advising other companies looking to follow suit.