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Crunch! Ouch?
Thu 11 Sep 2008
What has the effect of the credit crunch been on the legal market and how have law firms responded?
Many firms have dropped into 'wait and see' mode whilst the new market situation clarifies.
Some are making redundancies, generally as quietly as possible, in their property departments.
Others are seeing this as a good time to acquire some key individuals.
Overall the volume of recruitment activity is substantially reduced, particularly at more junior levels with vacancy lists being savaged.
But despite it all we still come across property lawyers who are busy and corporate lawyers who are doing deals.
Why?
2 reasons:
Firstly, things are not as bad as the media are making out.
Secondly, some firms are reaping the benefit of discovering the power of niches.
As for us, we are still very much here and looking for opportunities to develop our business in the new paradigm.
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