DLA Piper and Hogan Lovells are the only two law firms to have so far won work after being appointed to the ‘Skilled Person’ panel set up by the Financial Conduct Authority (FCA) last April.

The FCA can commission reports from designated ‘skilled persons’. including law firms, when the regulator has concerns about a financial firm’s activities or wants further analysis. But of the 77 reports commissioned between April last year and September 2014, only four were put together by law firms.