The last few weeks have seen the global credit crunch bite hard. The volume of M&A and property deals had already fallen during the last quarter of 2007, but now capital for leveraged deals has all but disappeared. The dreaded ‘R-Word’ is now on everyone’s lips.
Although most commentators believe that the UK economy is better placed than most, and that this should lead to a ‘soft landing’, the market for legal services is likely to suffer a downturn in 2008. The amount of litigation may increase, but this is unlikely to offset the fall in deal-related work.
