In promoting the benefits of deregulation and global free trade, this week’s report from the Professional Services Global Competitiveness Group sounds a discordant note. A Martian could read just about all of it and not be wise to the fact that the global financial system has just collapsed around our ears.

Is it really politic at this time to boast of the ‘key role’ the UK has played in setting international standards in areas such as corporate governance and accountancy?

There’s another contradiction here, too. One of the reasons why the magic circle firms dominate the world stage is that their US counterparts do not benefit from what the report admits is a relatively ‘favourable’ regulatory regime in the UK. Free trade? Be careful what you wish for.

We note too with wry amusement that, amid all the talk of multidisciplinary collaboration for the greater good of UK plc, there is one key area where the lawyers won’t play ball. New Labour, which has always been accommodating to the wishes of the ‘big four’ accountants, introduced legislation enabling accountancy firms to negotiate caps on their liability for audit work. However, not one listed company has yet to agreed to a cap – which has to be voted by shareholders – because company legal advisers are pointing out that there is no benefit to be had from doing so.

Ironic, is it not, when so many lawyers took the opportunity to convert their firms to LLP status – a corporate vehicle originally introduced to address ‘big-four’ concerns about liability. You might call it ingratitude.