due to the credit crunch, many banks have gone down… but sectors such as law will do well? why? also what other sectors may do well?
Law will do well generally, although some specialisms will be negatively affected too. For example, law firms who deal with [[merger]]s and [[acquisition]]s, bankruptcy issues, etc, may do better in the current economic climate, because as banks and other businesses get in to trouble, lawyers will be needed to help sort things out. However some legal specialisms may not do so well, for example ‘’‘property’’’ related lawyers will suffer right now - less building work taking place means building related companies do not to use lawyers so much, so there will be less work for this type of lawyer to do.
[[Accountancy & professional services]] will do well in the current climate because accountants are needed to sort out bankrupt banks and other companies - e.g. [[PwC]] are acting as the [[administration|administrators]] for [[Lehman Brothers]]. Also, all companies need to use accountants to sort audit and tax issues each year (it is a legal obligation to do so) so there is always a need for accountants, in any economic climate.
IT will continue to do well too. People with good IT skills are essential to modern businesses and will continue to be in great demand because there is only a relatively limited supply of this type of specialised person.
when accountants are needed to sort out bankrupt banks etc, administrators are required. primarily, all the big 4 are divided into audit, tax, consulting and corp finance. but what division of the firm do these administrators fall under??
also, i read somewhere that due to the credit crunch, advisory services will be adversely affected?? i wud have thought that the credit crunch wud mean that advisory services wud be in demand to sort out the problems??
Frankly, you’ll hear different things depending on what newspaper you read or who you talk to. Lots of people like to speculate, e.g. “unemployment could hit 3 million within 2 years” - but the truth is no one knows what will happen. Anything ‘’‘could’’’ happen in the next week, 6 weeks, 6 months or 6 years - for example, “pigs might fly, within 2 years”. Whether it will or not, is unpredictable, and not worth worrying about!
I spoke to a partner at PwC the other day and he said on the one had, CF advisory is busy in view of the Lehman Brothers Crisis. On the other had, deal flow is down and so CF advisory is less busy in this respect. I think the unfavourableeconomic situation has permeated to graduate recruitment for 2009, since KPMG are not hiring in Transaction Services at all, and both Deloitte and PwC are taking on fewer in these areas from what I have beeen told. After 4 years slaving away at uni it can be pretty disheartening :0!