The stock market and some of the respected commentators think the recession is over. Others, including the Bank of England, are not so sure.
You could be forgiven for being confused!!
Recession means different things to different people and businesses are affected in different ways. Interest rates are at an historic low and may remain at this level for some months, possibly years. Some lawyers believe the good times are just around the corner. They point to increased M&A and restructuring activity and some City lawyers point to an increase in litigation instructions. Others admit that life has by no means returned to normal (pre Lehman Brothers/Northern Rock etc). Some areas of activity are at a very low ebb. Unemployment is rising and I do not expect the recession to be truly over until businesses are hiring again and law firms stop deferring training contracts and making lawyers redundant. It is noticeable that some firms are having more than one bite at that particular cherry.