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Extract from article by Chris Dale

How do you measure business confidence? Sometimes the answer appears to lie in projections by the likes of Gartner, although analysts have an interest in focusing on the sunny uplands allegedly ahead; sometimes it lies in the responses to surveys, though these, for me, depend on black-and-white questions in what is usually a grey world. I prefer the whites-of-their-eyes anecdote, the subliminal collation of feeling which comes from talking to a lot of people and drawing conclusions not just from what they say but from how they say it.

Anecdotal observation can be powerful. Like others who have been around that long, I remember the Legaltech of 2009, of conversations in a grey snowy New York of layoffs, deferred decisions and cash-flow problems. The event turned into a giant job market, with sad-looking people pressing CVs on companies who had problems enough of their own. I still have a photograph of a Supersession notice; a scribbled note records that “This session has been cancelled. We apologise”. The company had gone down that morning. We needed no surveys to tell us that times were hard.

 

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