Chancellor George Osborne, not usually shy about crowing over such things, seems to have missed an encouraging economic indicator. We refer to the announcement that Tie Rack is to shut all 44 of its British high street stores. Why is this good news? Because it comes on the back of a finding that only 18% of male office workers now wear a tie. History shows that casual dress is invariably a sign of economic optimism: remember the dotcom boom, when polo shirts and combat trousers were de rigeur among fund managers and accountants who should have been old enough to know better?

Mercifully, such trends have been eschewed by the legal profession. However Obiter has recently detected symptoms of T-shirt wearing at the cutting edge of the ABS revolution. What are the rules nowadays? We all know about courtroom etiquette, but what about client meetings? Conferences? Catch-ups with the managing partner?

Obiter would be grateful for a guide. At the moment we will note the wise words of Malcolm McLaren: ‘Never trust a hippy.’