Where do City lawyers fit in if there’s a crisis in capitalism? (I’m not sure there is, but the Financial Times keeps telling me so). City lawyers have for years been unsure of their proper role, on one hand wanting recognition for forging a British success story but on the other instinctively recoiling from the rough old arena marked public life.
And yet the current malaise affecting finance offers the perfect chance for the legal industry to assume a more prominent position. The banking sector, which has for 25 years shaped and over-shadowed commercial law, is in retreat. And not in the sense of the traditional boom and bust cycle of the securities industry – a sustained regulatory push and deep-rooted shifts in the global economy look set to slowly refashion banking into a smaller and less profitable trade.
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