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Crunch 'will increase commercial disputes'
05/08/2008
Solicitors in Northern Ireland may be in increased demand as the number of commercial disputes grows with the credit crunch, it has been predicted.
Company lawyer Iain Monaghan told Computer Weekly that IT outsourcing deals were likely to come under stress because a better deal could be done in a depressed market or there will no longer be the same level of expenditure available.
He commented to the news provider: "As a result, many projects may be renegotiated, reduced in scope, terminated or even go into dispute."
Mr Monaghan added that IT firms should review the clauses of existing contracts and if necessary discuss them with solicitors.
Last month, legal recruitment advisor James O'Brien told Legal Week many people in Northern Ireland and the rest of the UK are considering the prospect of consulting solicitors because of the number of financial institutions which have been seriously affected by the credit crunch.
Contact us for legal advice
Company lawyer Iain Monaghan told Computer Weekly that IT outsourcing deals were likely to come under stress because a better deal could be done in a depressed market or there will no longer be the same level of expenditure available.
He commented to the news provider: "As a result, many projects may be renegotiated, reduced in scope, terminated or even go into dispute."
Mr Monaghan added that IT firms should review the clauses of existing contracts and if necessary discuss them with solicitors.
Last month, legal recruitment advisor James O'Brien told Legal Week many people in Northern Ireland and the rest of the UK are considering the prospect of consulting solicitors because of the number of financial institutions which have been seriously affected by the credit crunch.
Contact us for legal advice
