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The legal profession is as I write a matter of weeks into the lightning-fast escalation of the coronavirus outbreak from background concern to the biggest shock to hit the global economy since World War Two. With the outbreak by mid-March having sent European nations and economies into lockdown-induced convulsions, some assessment can be made of the legal industry’s initial response. And it is clear that sizeable commercial law firms have so far gotten off comparatively lightly in the first stages of an onslaught that is estimated to have shut a third of economic activity in the UK and major European counterparts. As with the banking crisis, the profession has at least benefited from emergency triage work for major clients, triggering strong demand for employment, finance and restructuring work as companies struggle with crisis response. Even cash flow and collections were holding up surprisingly well by late March at most top 30 UK law firms.
