The incoming UK Prime Minister Theresa May's economic strategy has been sharply critical of aspects of the M&A market. But while her comments have drawn the attention of London's M&A bankers, lawyers say she may struggle to match her words with actions.

In a speech in Birmingham on July 11, before her leadership rival Andrea Leadsom stepped back and cleared her path to Downing Street, May set out her credentials as an economic reformer who would be tough on corporate excess.