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September 30, 2022 at 06:00 AM
7 minute read
SCOTUS to Keep Livestream as Court Opens Arguments to the Public By Marcia Coyle
PROGNOSIS: NEGATIVE - London law firm partners are bracing themselves for significant economic market volatility in the U.K. this week, with many expecting their practices to be affected, Law.com International’s Rose Walker and Jack Womack report. “Shocked and surprised” is how one London corporate partner at a U.K. Top 50 firm said they and their peers were feeling about the new Conservative leadership team’s decision to shift the U.K.’s economic policy to the right, with substantial effects. Following the government’s “mini-budget”—in which it decided to scrap the 45% top rate tax,, among other policies—several days of drama have ensued, including a major depreciation of the pound and a decision by the Bank of England to pump investment towards government funds to steady the ship, leaving partners scrambling to work out what it means for their clients’ practices, and their firms. Kirkland & Ellis European restructuring partner Kon Asimacopoulos said the impact of the mini-budget has “rapidly eroded confidence in the markets”. “Without question, the levels of distress will increase markedly in the short to medium term. The macro position particularly in Europe was already negative heading into Q4 2022 and 2023 given the convergence of inflation and interest rates and their resultant effects. “That has just been made a lot worse by the impact of the mini-budget,” he added.
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