Credit Crunch Impact

September 2007
The Lawyer
Antonia Rawlinson

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The financial markets, triggered by the US sub-prime mortgage crisis, have been in turmoil recently. One common theme is that nobody feels certain that they know how things will shake out going forward, and this current lack of clarity has left the markets in limbo, with billions of dollars of suspended deals. A period of market catharsis--where who holds what will become clear--will happen in due course, but until then uncertainty remains the watchword. Given this, what can we expect from the markets at this point in time and what are the implications for the legal industry going forward?