The introduction of real estate investment trusts (REITs) in the UK has had City real estate departments in a state of anticipation for years. Property lawyers could hardly utter the word conversion without salivating at the prospect of major mandates coming their way. But what was billed as property lawyers big moment seems to be something of a let-down. For the time being, the bulk of the work is bypassing the property departments on its way to the corporate and tax lawyers. Worse still, the area where property partners are supposed to be at their best client relationships is not helping them win the mandates. Some firms are finding themselves sitting on the sidelines while clients ignore longstanding relationships altogether by going to rival firms corporate departments.