header-logo header-logo

In the balance

14 August 2009 / Tony Williams
Issue: 7382 / Categories: Features , Profession
printer mail-detail
profession_london_4

Tony Williams suggests how law firms may be able to recover from the recession

By 30 April 2009 most law firms had substantially completed a round of cost cutting which saw trainee solicitors deferred, associates and support staff made redundant and partners either exited or reduced to a fix share or consultancy roles. After this unprecedented upheaval in law firms, many law firm leaders are now hunkering down and waiting for the market to return to “normal” and for the good times to roll again. Such an approach will be a mistake as, despite the recent recovery in the world’s stock markets, there is still likely to be a relatively sustained period of uncertainty before a level of stability returns to the legal market.

Law is traditionally a lagging indicator of the economy. Although, this time, there was only a short time lag before law firms felt the effect of the recession it may still be 12 to 18 months before the legal market returns to a level that can be described as normal.

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
back-to-top-scroll