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.
