Coronavirus could cause slowdown in legal market - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 58 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 51%

United States News News

United States Latest News,United States Headlines

Big Law M&A work is evaporating as coronavirus spreads, but some firms are about to make bank. Here are the winners and losers.

Major law firms are seeing a dropoff in deal work as a result of coronavirus, with practice areas affected including mergers and acquisitions and other corporate work, sources inside and close to firms tell Business Insider.

Firms with practice areas in private equity, bankruptcy, restructuring and litigation, such as Kirkland & Ellis and Latham & Watkins, are expected to fare well, while firms that are already grappling with turnover — and comparatively lower profits — may be targeted in a hiring war. The past 11 years have been relatively good to this field overall, with many of the top 100 firms increasing salaries of entry-level associates. The very top of the market pays $190,000, plus bonuses of $10,000, to graduates right out of law school.

Other deals that hadn't been inked are falling through entirely, though lawyers declined to cite specific examples that haven't been reported publicly. Joe Alexander, a senior private-equity partner at DLA Piper, told Business Insider that business is starting to slow. "Corporate is starting to slow down, no question," he wrote in an email. "They are starting to delay deals."

"It is challenging for business executives in many sectors to make bold moves at this time," he said, declining to speak publicly because he was not authorized to do so.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

It's corona time? TikTok meme has a field day with coronavirus prevention'It's corona time' is the latest tune to sweep the social media app TikTok amid the coronavirus pandemic, and some are using it more responsibly than others. Corona Virus started in WuHan China stop censoring the internet!
Source: latimes - 🏆 11. / 82 Read more »

Coronavirus raises fears of U.S. auto sales slowdown, but production not suffering yetFears of a U.S. sales slowdown in auto showrooms due to the coronavirus outbreak... Supply not reacting to a lack of demand...the Boeing model. I'm sure it'll all be fine. Wait for it... 3:29 AM · 12 мар. 2020 г.·True Anthem
Source: Reuters - 🏆 2. / 97 Read more »

Stock market outlook: Gains from 2016 Trump win erased by coronavirus - Business InsiderThe Trump administration initially downplayed the virus, with top economic adviser Larry Kudlow calling the outbreak 'contained' on February 25. Terrible stuff.
Source: BusinessInsider - 🏆 729. / 51 Read more »

ICE London office closed rest of week after confirmed coronavirus case - Business InsiderIntercontinental Exchange is closing its London office, home to its European futures business, for the remainder of the week in one of the first signs of a key market-structure player impacted by coronavirus Bitcoin never closes
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus: COVID-19 Is Now Officially A Pandemic, WHO Says'This is the first pandemic caused by coronavirus,' said WHO Director-General Tedros Adhanom Ghebreyesus. Welcome to what the rest of the world knew 3 weeks ago. This just in....donald is trying to fire WHO. Not surprising
Source: NPR - 🏆 96. / 63 Read more »

State prisons prepare for coronavirus but federal prisons not providing significant guidance, sources say.ABC News has reviewed an internal document sent to the nation's Bureau of Prisons facilities. Sources say the document doesn’t provide adequate answers to combating the virus. 'Sources say' The forgotten and ignored. Illness spreads like wildfire in prison for obvious reasons. Overcrowding, lack of efficient medical care, and the low 'give a shit' factor will be the reason for an epidemic.They will go on lockdown but workers will come and go. “Sources”
Source: ABC - 🏆 471. / 51 Read more »