The legal profession ‘is in good shape,’ according to one of HM Treasury’s top dogs. Launching a report on the future of UK financial services at a Whitehall press briefing this morning, Paul Myners, financial services secretary to the Treasury, painted a bright picture of the state of all the professions.

Win Bischoff, former chairman of banking giant Citigroup, also chipped in with some uplifting words. He suggested that the breadth of professional services provided in the London market would contribute to a swifter economic recovery.

Unfortunately, these positives were marred somewhat when Myners made his closing statement. In what sounded like the launch of a PR campaign, he said that his main aim from now is to spread ‘good news’ about the financial and professional services industries. If all is well, why does he need to do that?

The report is the work of the financial services global competitiveness group, co-chaired by chancellor Alistair Darling and Citigroup’s Bischoff. Members of the group come from a broad range of financial services backgrounds – they include Stuart Popham, Clifford Chance’s senior partner, and Sir David Clementi, no less.

The report makes some sensible observations though there is nothing especially radical in its conclusions. Read it here http://www.hm-treasury.gov.uk/ukinternational_financialservices.htm.