Solicitor Lord Mayor of London banks on economic and cultural prosperity, says Jeremy Fleming

There are not many solicitors for whom the public come out in their masses to cheer.

But Robert Finch, the 676th Lord Mayor of London, was welcomed by thousands lining the streets of the capital last weekend as they enjoyed the traditional Lord Mayor's Show, with representatives of groups as diverse as the Worshipful Company of Fruiterers, the Romford Drum and Trumpet Corp, the Tunisian National Tourist Office and the Morris Minor Owners Club.

There was also a large delegation from Linklaters, Mr Finch's firm, carrying a huge pink inflatable saxophone, while a few hundred yards behind trouped a group of 650 traditionally clad guildsmen from Zurich.

The massive procession through the Square Mile, with its representatives from companies, ancient guilds and community groups reflects the huge span of the old and the new that the Lord Mayor represents.

Because the man in the tricorn hat and traditional robes is also the titular head of what in his own words is 'with New York, one of two of the world's biggest financial centres, and London is even more global'.

As a master with two livery companies - that of the City of London Solicitors and Innkeepers - and a partner and one-time head of Linklaters' real estate department, Mr Finch is well placed to carry out the main role of the mayor as head of the corporation of London and ambassador for the City, at home and abroad.

He is not the first solicitor to occupy the position, let alone lawyer - he takes over from barrister Gavyn Arthur.

Unsurprisingly, the College of Law governor has a healthy regard for the importance of lawyers in the City.

He will, he says, continue the Corporation of London's strategy of pushing for a new Commercial Court building, and he adds: 'I will be going to some of the countries - such as India and Korea - where practice rights are currently an issue for City lawyers.'

But does not London stand to lose more by globalisation long-term from countries such as India - with its massive English-speaking population ripe for outsourcing contracts - than to gain from them?

Not according to Mr Finch: 'The strength of London is the aggregate of its banking, investment banking, legal, commercial, audit, accountancy, insurance and shipping skills.

The crucial thing is to maintain this all-round strength.'

Although his mayoralty is being launched under the banner title 'Music and the arts for everyone' (hence the pink saxophone), with his mayoral appeal to benefit in the main a community and education project run by the London Symphony Orchestra, another focus will be the EU financial services action plan.

The plan, which is now entering its final stages, aims to encourage and facilitate high-level business interaction between member states.

He says: 'The UK government has always accepted that there is a need for greater harmony [of financial services in the EU], but we need to harmonise rules with great care and thought.'

In Dublin next month, he will attend a conference about Ireland's forthcoming presidency of the EU, where he will make a speech about financial services and says he hopes they will consider the issue to be a key priority.

Every Londoner would back another of his main concerns - the growing 'asphyxiation' of London's transport system.

He says it is vital for the City to support the Crossrail project - a joint venture between Transport for London and the Strategic Rail Authority tasked with promoting and developing two new routes through London from east to west.

He says the government, which has allocated a budget of 154 million to carry out feasibility work, has been supportive, but adds: 'There is a need for the City to look at ways it can support the government on Crossrail through investment.'

With his background in property, Mr Finch must be aware of the importance of the underlying economy to the profitability of London - and of the consequences if the property market overheats.

But he says London remains buoyant on the property investment side, and 'although the effect of the Bank of England's decision to raise interest rates has yet to be seen, I still believe that the investment sector will remain strong'.

While the rental market in the City is still weak, he says that back at Linklaters, 'we are seeing signs of activity, and these could be seen as indicators that we have cleared the bottom of the economic cycle'.

With rents now lower, he argues that the City needs 'one or two major finance houses' to expand their offices.

But he also says the legal sector could give the market the fillip it requires.

'There are four or five law firms looking for extra space in the City, and if one sector is proactive, transactions will begin to flow again over the next year or so.'

The Corporation of London is supporting the Olympic bid, but here Mr Finch is keen to ring-fence the Square Mile's support.

He says: 'The City will not pay for the Olympics.

But it is supportive and winning the games would help develop the infrastructure and parts of the east end of London.'

Mr Finch will preside over elections to the Corporation of London next year using a new voting procedure which allows businesses, including law firms and other professional partnerships, to vote.

It remains to be seen whether this transfer of power from the old guilds and liverymen to the modern multi-national company and the sandwich shops will change the character of the City.

But, for the time being, it is a safe bet that Mr Finch's successor will be waving a tricorn at next year's Lord Mayor's Show.