Allen & Overy’s worldwide senior partner David Morley remembers doing his first deal for Goldman Sachs as a young partner in the banking group in 1992.
This was a time when the fact that an American investment bank was in London was still big news: the arrival of the US financial institutions, which began at the end of the eighties, shook up the City.
‘I remember a UK corporate client being asked about the difference that Goldman had made in London,’ recalls Morley. ‘He said he used to ring up his merchant bank about a deal and they said they’d come round tomorrow to talk to him. When he rang Goldman, they said they’d be round in half an hour, and they ran.’