Coronavirus and its impact on the legal profession

Like so many other industries and sectors the legal profession has been hit, in the UK only a small proportion of lawyers have been furloughed, but courts are closed, you can’t take legal action to recover debts because registered offices are not open to receive the claims.

I have written about this on my other blog Report and Accounts and it is really shocking to see the UK in this situation.  One part of me thinks we should have followed the Swedish example and not locked down so strictly, but then the UK is suffering amongst the worse of all countries in the World which suggests the decision is the correct one.

The good thing is that most legal firms and lawyers have cash reserves so will be able to manage another month or so until the worst of all this has passed.  The UK will return to business as normal, but it will likely take 30-60 more days.

Of course the sad thing is that many good businesses will have gone bust by then, as its not possible for weaker companies to manage without any income.

 

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