Arthur Andersen cuts a distinctive figure among the accountancy firms. While its Big Five rivals are known for being flexible about fees in order to keep their numerous professionals active, Andersen has a reputation for holding aloof and keeping its prices up. This attitude has meant that the firm might not be the most prolific of the Big Five, but the search for large fees has led to a number of large deals.

Martin Kitcatt, head of the UK corporate finance practice, says: 'We only have one level of service. We haven't cut our fees, we've been trying to move our average fee up.'