Spain: Versatile movers
The credit crunch that is walloping the rest of Europe has not spared Spain. The Spanish real estate market began slumping in early 2007, and all but collapsed last year. Stringent regulation by Spain's central bank saved banks from exposure to toxic mortgage-backed securities, but financial turmoil elsewhere in the world has depressed lending in Spain, and credit has become extremely tight.Nevertheless, the lawyers at Spain's independent law firms are busy because, notably, they've been able to redeploy themselves from one practice area to another. All of the lawyers who commented to Legal Week's Independent Law Firms in Europe supplement about what effect the financial crisis is having on their practices in Spain hit an upbeat note. All but one said that the shuffling of lawyers from practice area to practice area was a key to their success during hard times.
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