Business moves fast in the post-crunch age. So, as Western economies in August ‘celebrated’ the first birthday of the prolonged seizure in credit markets, its effects are now, after an initial delay, rapidly unfolding in the real economy.
In such a context statistics date quickly. Our recent annual financial results seem an age ago (actually, it was six weeks). So the 2007-08 numbers, which showed a limited impact from the crunch, gave little insight. The reasons are obvious. While many law firms immediately felt the ‘market’ impact of the crunch as it began to hit activity in M&A and securities, it wasn’t until late spring when underlying economies in Europe really felt the strain.
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