Confusion broke out around the City this week as it emerged that Korean mobile phone manufacturer LG is changing its name to Lawrence Graham in a dramatic re-branding exercise.

The technology giant has changed its name and adopted a new pastel corporate livery as it diversifies into mid-tier property work, some obscure private clienty stuff no-one really understands and supervising the occasional listing on the Alternative to a Real Stock Exchange (ARSE).

Sources for the original Lawrence Graham said the firm was considering its options in light of the manufacturer's decision, with legal action a "definite possibility".

"We have worked for decades to create a uniquely unremarkable identity founded on mid-tier cuddliness and unspectacular financial performance," fumed one Lawrence Graham partner. "We won't give that up without a fight – or at least not without sending a strongly-worded letter on our new 'the Real Lawrence Graham' headed paper. I mean, our name even has the word 'law' in it. What could be clearer than that?"

However, LG insiders claimed the law firm "had started it" by using a shortened 'LawGram' epithet on its website, clearly designed to imply the firm was almost as interesting as a vast electronics conglomerate.

The controversy follows similar moves by rival telecoms giants including Siemens & Siemens and CMS Cameron Marconi, as they pursue the kind of edgy brand awareness that can only be achieved by middle-aged men in grey suits doing paperwork somewhere near Liverpool Street.

Rumours that City law firm Olswang is set to change its name to Radio Rentals in a tit-for-tat move are as yet unconfirmed.