The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Easing the pain through partnership

In an economic downturn, law firms specializing in financial business can ease the pain by establishing relations with their clients that are not strictly based on individual deals. The clients may also benefit.

Of all those providing professional services, lawyers have often been the last to suffer in a downturn. Many actually do quite well when the economy looks ominous. Retooling for insolvency and restructuring work has served many firms that have found their previously booming corporate and capital markets practices underemployed in straitened economic circumstances.

But in the recession of the early 1990s some firms did what had previously been unthinkable: they laid off lawyers. A return to this looks increasingly likely for some firms. Those that have grown spectacularly on the back of a continuous flow of deals are now having to reassess how they will cope now that demand has dropped off.

There has been unprecedented growth in the legal sector over the past five years or so. During this time many firms have appointed new partners, and associate salaries have in some cases more than doubled in the past five years. What has been called the war for talent has meant that the payroll at the largest firms has climbed ever higher. With the decline in work that some departments are already facing, firms need to look for ways to keep lawyers busy and maintain revenues.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree