US congresspeople do it too. "The gentleman from X", "My colleague from Y", etc.

Though..from the lips of Rumpole, "my learned friend" took on dimensions heretofore unimagined in the Inner Temple.
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Hi,
Barristers have referred to each other as "My Learned friend" for centuries. One of the reasons for this is that historically, the bar was a very small profession and still is when compared to other similar professions. As such, all barristers were expected to be familiar with each other. This led to another tradition of barristers not shaking hands, although in my experience this is now mostly overlooked.
Strictly speaking, a barrister should only call other barristers "my learned friend" and any other advocate should be referred to as "my friend". In practice this is seldom adhered to as it is viewed to be a little pretentious to do so. Other similar archaic "status" related differences remain between barristers and solicitors/advocates. For example, you will hear a solicitor call a magistrate "Your Worship" but a barrister will call them sir or madam.
So in short, referring to an opponent (or co-counsel) as "my learned friend" is definitely not any sort of sarcasm or mockery, it is a very old custom and to misuse or overlook it would be a rather tough stain on a barrister's record.

Knowing the English think of themselves as gentlemen I'm sure its meant to be a complement
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