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Paul the Octopus

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This is my first blog entry for a while. I have been away (and you really are away when you go to North Norfolk for your holiday) and I was made to pay by the holiday gods when I returned, because it was straight into a matter which did not complete until 1.30am on Saturday morning. Because I did not see the light of day for the week after I returned, it feels like a huge amount has happened during my absence.

In no particular order of importance, England are out of the World Cup, we have seen the emergency budget and closer to home one of the top 50 law firms in the Country has filed notice of its intention to appoint administrators. Leaving aside the debacle which was the world cup, if the emergency budget was not enough to confirm to everyone the seriousness of the recession and its long term effects, lawyers need no further reminding than the sight of one of the most well-known names in the legal profession facing administration.

I have always taken the view that, without wishing to be melodramatic, the effects of this recession on the legal profession are likely to be so profound as to last a generation. I saw today that the British Chamber of Commerce remains troubled at the state of the services economy and the lack of transactional work has resulted in the loss to the profession (perhaps permanently) of many skilled practitioners. This has happened before in previous periods of economic uncertainty but not on anything like the scale we have seen over the last couple of years. Will it come back? It would be a brave man to suggest that it will come back as before.

Oh and by the way, I agree with Paul the Octopus – Spain for the World Cup.

Paul

Posted: 06/07/2010 15:05:05
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