Recession still casts its shadow By Katy Dowell 4 November 2013 00:02 11 December 2015 01:49 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 6 November 2013 at 06:42 There are many parts of the country where the depths of the recession don’t have to be remembered – they have never gone away. It’s the same in 2013 as it was in 2009 except that now the hope of a rapid recovery has evaporated. In London the recovery is well underway but outside the rosy glow of the capital the steady decline continues and even in London the mid-tier is stagnant with many firms carrying debts that they have no prospect of ever repaying. If bank debt is 50% of annual revenues there is no means of achieving a surplus sufficient to repay even part of it. More bad news is waiting in the wings for the legal profession. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.