There's nothing like calls to trim lawyer numbers to trigger howls of outrage or agreement. The most recent example was a piece carried by Legal Week based on a report by the Royal Bank of Scotland (RBS), which argued that the profession is carrying thousands of excess jobs given the bleak commercial environment.

Personally, I thought the case RBS' report made was only halfway there. It's obvious that the global economy is uncertain and vulnerable to shocks and that domestic demand is likely to be subdued for the next few years.

Does this threaten the entire profession? – Well, I agree with RBS' veteran banker James Tsolakis that the pressure is far more intense for small and medium-sized firms, which also have to contend with the impact of new entrants under the Legal Services Act. But even if the Tesco Law revolution lives up to hype, it will take several years to have a material impact on the high street.