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I read with some surprise Leslie Perrin's patronising article advocating that regional firms with international aspirations cannot function without a City base.
To advocate that regional firms are parochial in thought, word and deed seems arrogant and somewhat ill-informed. There are certainly numerous transactions of a size and complexity that will and should be handled by City-based firms with the proximity of other well-versed global professionals and advisers.
However, we find numerous clients in our Thames Valley backwater that do not seem to find it necessary to crawl to the City every time they need to powder their nose in Poland. Our clients in Russia, Azerbaijan, the US, France, Libya are happy to work with a regional firm.
To see a presence at the City high table as the only method of membership has the whiff of the cartel and a 1980s' elitism that most of us thought went out with Mrs Thatcher.