In fact, Morley's become something of an enigma since taking on the job a couple of years ago. The man who really holds the A&O reins - and who quietly but firmly lets it be known that this is the case - is Guy Beringer, a senior partner who takes his seniority very seriously indeed. Morley's time will come, goes the thinking.

In our cover story, we analyse what this time will actually involve, and uncover the inside story of the state of A&O's senior management, riven as it is at the moment by squabblings. Think corporate versus finance, senior-level partner departures - Keal's over - and question marks over the way forward. It's time for Morley to make his mark.

Once the doyen of down-to-earth go-get-'em City banking partners, with open-necked shirt and openly quoted everywhere, Morley made his way up the greasy pole with seemingly effortless determination. Just before reaching the top, clampdown has occurred.

As this enormous global firm tries to work out what's next, strategic vision must be visibly expounded and enacted by those with the responsibility to do so. Both of them.

Tom Freeman, Editor