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A word that seems to have been used increasingly in many contexts during 2010 is "progressive" - whether that be in relation to the new government, taxation or anything else where difficult choices need to be made. We have also heard it said that to be "progressive" and drive change we must not "waste a crisis"!

I believe the Midlands corporate finance community has displayed "progressive" tendencies in recent times as it has spread its wings and transacted for a wide range of clients throughout the UK and globally. In this way, some difficult and imaginative deals have been delivered which might previously have defaulted to the City of London.

One view is that this "progressive" approach has been borne out of necessity as deal volumes in the region reduced; there is some truth in this as there has been a fight for survival to eke out the transactions to pay the bills and keep our teams occupied. There was no alternative but to look beyond our traditional markets.

I don't believe that an overly parochial approach has ever been a sensible strategy: it has the potential to stifle ambition and results in too much navel gazing. We have all seen that there are clear benefits from working alongside regional colleagues; the ease of process built on relationships and trust is very important.

That said, there are times we need to reach outside the region either because the regional market cannot support the transaction or our clients have built relationships elsewhere and require us to be open minded to work with the right partner to get the best job done on the best terms.

As a result, I take an upbeat view on how the Midlands now operates and will continue to operate. I suggest a by-product of the downturn is that Midlands corporate finance professionals have grown in confidence and will emerge with a vigour and strength which bodes well for the health of our dealmaking scene in 2011 and beyond.

That old adage "don't waste a crisis" has meant that out of adversity we had to take ourselves out of a comfort zone, be entrepreneurial, be proactive and, most importantly of all, believe in our ability to source and complete transactions.

In 2011 we will see a more vibrant and expansive dealmaking community. It is no coincidence that some of the UK's most successful corporate finance professionals started out in the Midlands and some still work from a Midlands base - this is a testament to the quality of advice, the determination and enthusiasm to succeed. What a great example of how we can take control of our own destiny.

Our corporate finance teams have been both defensive and offensive with the combination of these traits being good news for the Midlands. The defensive qualities have meant that we have stemmed the leakage of deals from the region. The Midlands is increasingly an "open region" with private equity houses and advisers from elsewhere being regular visitors.

The diversity of choice is good; it is in all our interests to be open minded, build relationships and capture the opportunities out there. At Eversheds we know the importance of the City and the regional centres. In this way we are uniquely placed to offer clients whatever they prefer in any particular situation. A flexible approach results in new clients being won and fees generated for the community that would previously have drifted down the motorway to London.

We need to listen to our clients and follow them wherever they do business. International credentials are really vital as clients want a seamless service which ensures consistency of approach, certainty of outcome and predictability of cost. The number of cross border deals is on the increase - ask any of the lead advisers about the need to have an international network to both look after their clients’ interests overseas and to identify the corporates who will be the strategic trade buyers of the future. The Midlands community is very adept at working the international angles - we need to be as the Midlands will continue to be the beneficiary of overseas investment.

2011 will not be straightforward. In every respect there is a flight to quality. Market leading or niche businesses are much sought after and investors will be highly selective. We will find that some processes fail due to lack of thought or careful planning. The gauntlet has been thrown down and the Midlands deal making community will need to deliver an ever more sophisticated approach to transaction management.

I believe the recent turbulent times leave us better prepared than ever before to capture the moment and push forward with confidence - let's not "waste the crisis"!

Stephen Kitts is a corporate partner at Eversheds in Birmingham. He won the Corporate Lawyer of the Year Award at our Dealmakers Awards 2010

For all Insider's deals coverage in December 2010, click here