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In its analysis of trends in 2013, the firm concludes: 'And perhaps the biggest lesson of 2013 is that, in a world transformed by the financial crisis five years ago, it is a mistake to expect events to follow any familiar or historic pattern. So, if we expected the world to head towards boom, as it might have done after past downturns, that was undoubtedly a mistake.' In Q4, for instance, the number of deals was down 39 per cent, for transactions worth US$100m or more. The tone of the A&O forecast contrasts with that of Clifford Chance which last month pointed readers towards a gradual increase in early 2014 and, perhaps, beyond. Source: A&O
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