In the United States, over the past 100 years, there have been seventeen periods defined as recessions. Unfortunately, a recession is the U.S. often impacts the rest of the world — sorry. Typically a recession is “technically” over fairly quickly. But the effects linger — sometimes for years. Large firms lay off associates who end up competing with smaller firms. Medium-sized firms reduce prices and impact smaller firms who lose business. Clients reduce legal spend and take a long time to ramp back up. It gets ugly quickly and it stays ugly for longer than hoped.
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