Hats off to Macquarie for trumping its rivals on the bid for Thames Water, and hats off to Allen & Overy old hand Alan Paul for keeping the Australian bank in the fold. (See the full story.)

Macquarie has used all sorts of law firms during the past couple of years, so A&O will be hoping that this is one relationship that lasts.

Meanwhile, Reed Smith chief Greg Jordan has been a busy bee. Late last year – just before pulling off the merger with Richards Butler – he told The Lawyer he wanted to boost Chicago, Texas and China. As we report today, Reed Smith is about to swallow up Chicago firm Sachnoff & Weaver.

We reckon it’s next stop Houston.