Few law firm managers would place contingency planning at the top of their management agenda given the current economic climate. However, a number of factors suggest that the tide might be turning and less prosperous times could be on the horizon. It is therefore vital for firms to plan now for any future downturn to ensure they are in a strong position to ride out the storm.
For now, the London financial services market is thriving and has been for some time. Both the simplified regulatory environment for smaller companies offered by London’s Alternative Investment Market, and the restrictive Sarbanes-Oxley rules in the US, have made the UK an attractive place to do business. Private equity and M&A activity is booming, while City bonuses have hit record levels. However, the market must peak eventually and the warning signs are already out there.
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