Waiting for the tide – will the expected flood of financial crisis negligence claims ever surface?
In the wake of the global credit crisis of 2007 and 2008, there was an expectation among some lawyers that a 'tsunami' of professional negligence work was bound to follow. Their hope was based on the theory that during boom times, companies make more use of professional advice to secure property deals, plan construction projects, and launch mergers and acquisitions, while claims for negligence become far less common. But when the economy flatlines and companies and individuals see the value of portfolios nose dive – thanks to falling or stagnating property prices and market values – they 'reappraise' the quality of that expert advice and seek to claw back their money in the courts.
Law firms have staffed up to cope with the expected surge in credit crisis negligence work. But, as Neil Hodge reports, this has proved to be more of a trickle than a flood
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