"Factory activity faltered across Asia in August, with a resurgence in Covid-19 infections adding to global supply-chain disruptions and confirming fears of a slowdown in the region’s economic recovery. Gauges of manufacturing activity plummeted across major Asian economies, in large part because virus lockdowns, port congestion and higher input costs hampered production. There were also signs that global demand for some Asian goods has been leveling off, as consumers rein in spending in the West." - The Wall Street Journal, September 2, 2021
Current times could be looping into a rerun of economic devastation during the first round of COVID. We recall everything from mass unemployment to a plunge in the stock market.
Such dynamics could be kicking in again. And that could mean those doing the big deals ranging from M&A to capital financing can back off. That would siphon off demand for law firms' transactional services.
However, everything is so unceratain. That's the scary part. Among the unknows is how return to the office will play out. Davis Polk plans its reopening on tSeptember 13th. It has positioned that as an experiment. The results might be negative enough for Davis Polk to step back from that plan.
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