‘There’s no coronavirus playbook’:  Relief at emergency measures but law firm leaders predict worst is yet to come 

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‘There’s no coronavirus playbook’:  Relief at emergency measures but law firm leaders predict worst is yet to come 

Law firm leaders have responded positively to the UK chancellor of the exchequer Rishi Sunak’s ‘unprecedented’ level of state protection in response to the coronavirus but warn it will need to be the tip of the iceberg.  With the pandemic showing no sign of being contained, the economic impact is predicted to be much deeper than in the last financial crisis.

The package to support businesses and employees announced on Friday (20 March) followed on from a £30bn rescue operation in the budget earlier this month and includes drastic measures to prevent companies going into liquidation as the impact of Covid-19 continues to send global economies into a tailspin.   Continue reading “‘There’s no coronavirus playbook’:  Relief at emergency measures but law firm leaders predict worst is yet to come “

City leaders take drastic action as coronavirus spreads turmoil across European states and economies

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City leaders take drastic action as coronavirus spreads turmoil across European states and economies

Nathalie Tidman and Thomas Alan assess the impact of the pandemic on the profession as the world battens down for a health crisis

‘Things that are happening today you wouldn’t have believed a week ago,’ reflects David Patient, Travers Smith’s managing partner. Indeed. The outbreak and rapid spread of the coronavirus has in a matter of weeks transformed from background concern to a health crisis unknown in modern times, with countries scrambling worldwide to handle the outbreak. Continue reading “City leaders take drastic action as coronavirus spreads turmoil across European states and economies”

Comment: Coronavirus will brutally strip away the profession’s illusions

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Comment: Coronavirus will brutally strip away the profession’s illusions

The longer you do this job, the more your mind wanders to the big moments – recessions, terrorist attacks, political shocks, wars. Yet as I sit here typing this leader in a near-deserted London office, the majority of our team working from home as we try to put this issue to bed, it is a struggle to recall anything that compares to the coronavirus pandemic spreading through the world.

We face unprecedented times – hyperbole typically flung around with abandon until you realise with shock that this time it applies. As I write, London and New York, those famous global cities and the world’s two dominant legal hubs, look within days of total lockdown. Continue reading “Comment: Coronavirus will brutally strip away the profession’s illusions”

‘Under-funded and ill-served’ courts face pressure to adapt as coronavirus hits the justice system

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‘Under-funded and ill-served’ courts face pressure to adapt as coronavirus hits the justice system

Courts in England and Wales have made changes to their practices as the Lord Chief Justice joins those dismissing claims the courts can operate as normal as the spread of coronavirus widens.

The justice minister Chris Philip said this week courts would be ‘operating as normal’ despite guidance from the Prime Minister Boris Johnson warning people to avoid unnecessary journeys and to work from home where possible. Continue reading “‘Under-funded and ill-served’ courts face pressure to adapt as coronavirus hits the justice system”

Latham and Hogan Lovells move to remote working globally amid alarming coronavirus spread

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Latham and Hogan Lovells move to remote working globally amid alarming coronavirus spread

Latham & Watkins and Hogan Lovells have become the latest law firms to ramp up their response to the increasingly global spread of COVID-19 by sending all their staff home.

The news comes as the number of casualties continues to rise around the world, with the latest figures reporting over 200,000 confirmed cases while the death toll has passed 8,000.  Continue reading “Latham and Hogan Lovells move to remote working globally amid alarming coronavirus spread”

Coronavirus impact widens as Links and Eversheds become latest City firms to send staff home

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Coronavirus impact widens as Links and Eversheds become latest City firms to send staff home

Linklaters has followed its City rivals in asking staff to work from home due to the quickening spread of COVID-19. 

The firm today (17 March) moved to a full remote working arrangement for its 1,200-lawyer Silk Street headquarters.  Continue reading “Coronavirus impact widens as Links and Eversheds become latest City firms to send staff home”

Greenberg strengthens City restructuring practice in preparation for economic downturn

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Greenberg strengthens City restructuring practice in preparation for economic downturn

Greenberg Traurig has continued its London recruitment push, this time hiring from Baker McKenzie to strengthen its City restructuring practice as firms look to hedge against increasing economic uncertainty. Bakers’ co-head of global restructuring and insolvency Ian Jack has left the firm for Greenberg after more than two decades, bringing with him extensive experience in restructuring as well as banking and financial transactions.

The hire comes as many in the industry anticipate a demand for restructuring and insolvency lawyers amid the disruption caused by the coronavirus. Greenberg executive Chairman Richard Rosenbaum commented: ‘I have been around a long time, but all countries, businesses and law firms are no doubt facing an unprecedented period of disruption, change and challenges. We just concluded our strongest year on record by any measure, and began 2020 in the same manner, but we all know we are facing new challenges given the coronavirus, oil price wars, stock market gyrations, and the uncertainties stemming from all of those circumstances.’ Continue reading “Greenberg strengthens City restructuring practice in preparation for economic downturn”

Magic Circle trio ask City staff to work from home as coronavirus crisis deepens

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Magic Circle trio ask City staff to work from home as coronavirus crisis deepens

Allen & Overy (A&O), Slaughter and May and Clifford Chance have asked City staff to work from home in a bid to mitigate the spread of coronavirus.

The moves come as the UK’s infection rate today [16 March] rose to 1,395 cases, 35 of which have proved fatal. Continue reading “Magic Circle trio ask City staff to work from home as coronavirus crisis deepens”

Coronavirus impact worsens as Reed Smith sends staff home and Taylor Wessing shuts City office

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Coronavirus impact worsens as Reed Smith sends staff home and Taylor Wessing shuts City office

Law firms around the world have been forced to take ever more radical measures in an attempt to contain the spread of COVID-19, with Reed Smith asking its staff to work from home as Taylor Wessing closed its London office after a member of staff tested positive.

Reed Smith confirmed to Legal Business today (13 March) all its global staff is working from home as a precaution against the spread of COVID-19, although the firm’s offices remained open. Continue reading “Coronavirus impact worsens as Reed Smith sends staff home and Taylor Wessing shuts City office”

‘Not ingredients for activity’: Treasury reveals fiscal stimulus to battle coronavirus slump

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‘Not ingredients for activity’: Treasury reveals fiscal stimulus to battle coronavirus slump

Amid growing economic uncertainty, Treasury today (11 March) announced a budget looking to reassure businesses as coronavirus fears continue to rise and law firm partners brace for a slowdown.

The budget comes as early optimism for 2020 has turned to anxiety among major law firms, with clients become increasingly impacted by the global outbreak of coronavirus. Chancellor Rishi Sunak unveiled a £30bn package to help tackle the virus, which included the abolition of business rates for small businesses and a £1bn government-backed loan scheme. Continue reading “‘Not ingredients for activity’: Treasury reveals fiscal stimulus to battle coronavirus slump”