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The credit crunch and resulting recession have led to unprecedented instability for many companies across all sectors. As companies have faced significant challenges, corporate counsel have had to address a range of issues which were unimaginable during the boom years. In situations of financial distress, corporate counsel have had to work under pressure to provide their boards and management with prompt, practical and prudent advice on how to approach the difficult legal issues raised by recent events. Given the weak economic environment and ongoing credit constraints, companies and their corporate counsel will likely face further tests and challenges over the next few years.

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