Economists are predicting that as result of the national lockdown we will see another recession soon. Our last recession in 2008 saw the UK economy struggle like never before. Many businesses had to scale back or in the worst case, file for liquidation.
Our Head of Property, Elizabeth Harris, has been working in the South Yorkshire property industry as a solicitor for 15 years and remembers how hard the last recession was for her clients. Liz was working in Rotherham at a small established firm which had a good hold of the local legal market and so managed to ride the recession out, but this didn’t come without it difficulties.
Liz comments “many of my clients had to downsize, cut back on expenditure and in some cases make their loyal staff redundant. It was something we had never seen before and many people, of all backgrounds and industries, found times very hard”
We eventually saw the Country come back strong and the property market gradually grew and showed encouraging signs of recovery.
Our national lockdown, which is starting to see some easing, could mean that we see history repeat itself with many industries struggling to come back from the loss of business suffered from their doors being closed to the public.
As non-essential shops were permitted to open this week, we hope to see the economy start to show signs of recovery, but this could be a long road for many of our clients. Here at BEST Solicitors we are on hand to provide our clients with the advice and support they need to see them through these uncertain times. Whether our clients are moving home, considering making or amending their wills or need advice on redundancy issues, our legal experts are on hand to provide you with straight forward advice.
Liz comments further “I am sure that we will have ups and downs during the coming months, but I am confident that the country will pull through this as they did before. I have the experience, as do the majority of my team, of riding out a recession and so we know what our clients will be facing as we recover from the effects of COVID-19. We are always on hand for our clients and have been so during the last hard three months. BEST Solicitors work as one team whether that is my department, our reception staff or our colleagues across the firm. We work together to ensure that our clients receive the best level of service”.
To discuss any of your legal issues, please contact our office on 0114 3583134 or email us via our contact page.