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ARTICLE · 15 JULY 2009

Recessionary Claims - Crunch Time For Lawyers?

Barlow Lyde & Gilbert LLP
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Recent media stories suggest that the current recession will trigger a huge increase in disputes, including claims against lawyers. This article explores the likely exposures and some risk management solutions.

United KingdomLitigation, Mediation & Arbitration
Richard Dedman
Richard Dedman

Originally published in Legal Week on 2 April 2009

Recent media stories suggest that the current recession will trigger a huge increase in disputes, including claims against lawyers. This article explores the likely exposures and some risk management solutions.

Recessionary pressures

Commercial lawyers tend to be very active in an economic boom generating more contracts to litigate over in the subsequent "bust", and also creating the risk of cutting corners in attempts to meet increased client demand.

Not only do recessionary pressures induce people to commit fraud, but sharply reducing asset prices, together with increased redemption demand by investors, also lead to its increased detection. High profile examples, from which professional liability claims will inevitably flow, include the Madoff scandal and some recently reported scams in the UK "buy-to-let" property market.

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