Friday, May 1, 2009

Another bubble for Britain

This time, it is company insolvencies.

It is the highest quarterly rate of company failures since 1960, which is as far back as the data goes

Of course, there are no banks in those insolvency numbers. Nor, I doubt, will we find any solicitor's firms. That is because lawyers and bankers can always rely upon the good old taxpayer.

Legal aid and the asset protection scheme; what would we do without them?


  1. I've heard two tales in the last fortnight of solicitors sacking partners. perhaps that's how they avoid bankruptcy.

  2. You are wrong about solicitors, although they would not strictly show up here anyway because only a very small number of solicitors are incorporated practices.

    The big City firms are doing fine, albeit that they have culled a few staff and partners. But the ordinary firms, i.e., those on the high street, are suffering badly because of the lack of property conveyancing work, and cut backs to legal aid for family and criminal work, none of which were big money spinners anyway.

  3. Alice

    "Fat Cat Legal Aid Lawyers" is a Government Spin/ Media Con... I'm surprised you've fallen for it.

    Most High Street Legal Aid Lawyers work bloody hard and are saddled with soul destroying government bureaucracy for not much pay.

    They fight for the little man and the Government would like to see them gone.

    Their wish may come true soon.

    You'd better get some good legal insurance-quick!

  4. I've just heard on the radio on the way home from work that defaults by tennants are the highest for 20 years.(Owing to job losses)

  5. Brown has taken us from fiscal rectitude to rectal fistitude in two short years.

    (Sadly I can't claim this for my own. Anony commenter on Guido.)

  6. This is a good blog, but I'm afraid you've got it wrong about Legal Aid lawyers. They are some of the best and most hard-working people around - they stick up for the little guy when they could be making megabucks.

    The government is making it harder and harder for them and would no doubt love to seem them gone.

  7. The Legal Aid lawyers have the Criminal Protection Service working on their side - they don't need to be as good !

  8. After over 30 plus years of exporting jobs from the UK/USA, it's seems remarkable anyone could imagine that any political party could be solely responsible. They are just doing the bidding of their masters. Good riddance Thatcher/Major hello Blair/Brown. Good riddance Blair/Brown hello(insert your favorite next saviour)We humans are optimists.

  9. Your kick aimed at solicitors is stereotypical and poorly placed. Law firms are almost never corporations and right now law firms are actually quietly closing their doors at an unprecedented rate. Some estimate that up to 3,000 law firms may cease to exist over the next few years thanks to changes in the legal profession driven mostly by the Legal Services Act and changes in legal aid. For all but the top tier of commercial law firms, the practice of law in 2009 involves very hard work for quite modest returns.