Drifting on a wave of economic uncertainty, the United Kingdom is only now beginning to restart its engine. But the damage has already been done. With 1 in 4 employers expecting to make redundancies as a result of coronavirus, this week we ask: how has the pandemic affected the legal profession?
Britain’s public debt has now reached £1.95 trillion. That’s 100.9% of GDP. For the first time since 1963, the nation’s debt is larger than the size of the economy. With these crushing statistics comes great personal loss. Each week, yet another well-established, high-profile company falls victim to the pandemic’s brutal impact. The UK Job Centre has seen a rise in interest from claimants by 128%, to 2.8 million.
A recent survey, conducted by the Bar Council, unearthed the devastating blow the coronavirus has had on the legal profession. Heads of Chambers were surveyed to help the Bar understand the true impact the coronavirus has had on professionals and individuals within the industry.
Without intervention from the government, 55% of all chambers stated that they cannot survive six months, and 81% cannot survive 12 months. And, even more sobering, 60% of firms in the criminal Bar stated that they have furloughed clerks and/or other staff, and others are likely to follow suit.
The Bar Council warn the government that: ‘Financial support is required if the collapse of chambers is to be avoided.’
For a profession so deeply rooted in the British institution, these figures serve as a desperate reminder of the socioeconomic impact of this deadly virus. Many small legal firms now face a future of great uncertainty. The court system is already reporting expected delays of many months, and now some of those in the profession (who could begin to start work on the backlog of cases) find their jobs hanging precariously close to the cliff edge.
For those seeking legal aid, it seems as though the road to justice is stretching longer by the day.
In these unprecedented times, answers and solutions are difficult to come by. Sometimes it feels as though all the doors in front of us are closing. And there’s no external support available.
But here at Cobra Financial Solutions, we are advising clients to not be dejected by these startling figures. If you deserve justice, then your fight should not end now, especially if you are seeking to recover debt owed to you.
If you, or your firm, are owed money, then Cobra Financial Solutions will start the recovery process within hours of receiving instruction. Our team of agents work across the United Kingdom with one goal in mind: to recover debt, quickly, efficiently and professionally.
Call us today on 0151 526 4222 to discuss your journey to justice.