2009 and all that - reasons to be (relatively) cheerful
As Legal Week went to press on the final issue of last year, the end of 2011 was starting to look a lot like the closing days of 2008. A global economy slowing, chaos in financial markets and a huge overhang of debt in all directions – well, you hardly need me to draw a picture...
January 12, 2012 at 07:03 PM
3 minute read
As Legal Week went to press on the final issue of last year, the end of 2011 was starting to look a lot like the closing days of 2008. A global economy slowing, chaos in financial markets and a huge overhang of debt in all directions – well, you hardly need me to draw a picture. Confidence appeared to be visibly draining as reports emerged of a magic circle firm set for a restructuring (then Clifford Chance, this time Linklaters).
It had reached the point where the question on the minds of many partners was how much the opening months of the New Year were going to look like the equivalent period in 2009, when the City was gripped by an unprecedented wave of job cuts and restructurings.
Step forward a few weeks and it's a mark of how far expectations have fallen in the 'New Normal' that the outlook appears less apocalyptic than in darkest December.
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