Germany: The credit what?
Lawyers from a number of independent firms in Germany say the credit crunch has yet to have a major impact on their overall workload. And while they are clearly keeping a close eye on the evolving economic situation, many firms are maintaining plans to take on new lawyers - evidence of the seemingly resilient state of many of the country's independent players. "It is too early to tell what the impact of the credit crunch will be," explains Rainer Loges, managing partner of Gleiss Lutz. "We have seen less new large M&A deals and fewer leveraged deals in general - and some M&A deals have collapsed altogether - but besides that there have not been big changes so far. The profession is expecting a slower year for 2009, but my impression is that most people don't think it will be that bad. I would not expect many German firms to lay off people. In any event, we are planning to hire further."
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