Alex Novarese, Legal Business: Catherine, how much progress are you seeing at law firms in listening to the stuff clients tell them?
Catherine Johnson, London Stock Exchange Group: They listen quite a lot. Whether they act on what they hear is the question for me. One of the areas where I have seen the biggest change is around diversity. Three years ago I sat on a panel for the 30% Club. I was asked, ‘If you want to see diversity on your external legal teams, what amount of pain are you as the client prepared to take?’ I would never expect to hear that comment now. That has been a massive change. They are not doing as well as the accountancy firms, but they are catching up.