The Olympics opened at eight minutes past eight on the evening of the eighth day of the eighth month of 2008: an auspicious date in China as the number eight denotes luck and prosperity. One can only hope that this also applies to the financial year ahead, although I fear that reality may be a follower of numerology where the number eight is the number of material success… or monumental failure.

   And it is with that thought that I introduce myself as the new editor of FD Legal and welcome you to this August/September edition. Joining you in the midst of one of the worst financial crises to date, I hope that the best-practice guidance and perspectives we provide can help mitigate the economic challenges and financial risks you will face. In a year, maybe we can look back and reflect that the worst has passed and that the majority emerged stronger; although this may be a rather optimistic expectation given that many predict we may not come through the other side of the crisis until well into 2010.

   As my first issue falls in the first half of the 2008/9 financial year, I thought it appropriate to look back at the topics that dominated financial management over the past year and contemplate the year ahead. We provide you with a review of the past year’s regulatory and financial developments and look at how to manage the financial risks of the year ahead. My editorial board also kindly provided me with some first-hand accounts of hot topics from the past year and their predictions for the year to come.

   As we wish a very unhappy first birthday to the credit crunch, we take a much-needed look at how it is affecting the legal profession. Last year we were faced with an uncertain economic future, and whilst the banks felt the immediate effect of the credit crunch, law firms experienced a short-lived reprieve from the initial impact. Not so a year in, and we provide a strategic look at effective management in a downturn.

   With the domestic market’s decline, firms are looking to establish or strengthen their presence abroad. International firms are faring better than domestic, but dealing in various currencies gives rise to a number of pressing issues. We take a timely look at how exchange rate fluctuations affect partner remuneration, the challenges this raises and how to manage them successfully. We also advise on a higher-risk countries strategy given the money-laundering risks involved when dealing with clients and transactions abroad.

   In the first part of two features on outsourcing, we decipher the outsourcing-jargon and take a look at its context in the legal world.

   Finally, in a time where every penny counts, we outline the potential cost implications firms face as a result of recent welfare reform.

   I would like to thank all those who have helped me with my first issue of FD Legal, and I hope that you, the readers, will appreciate their hard work as much as I have.

Joanna Lee

Editor

If there are any issues you would like to see covered or if you wish to contribute please do get in touch. Any feedback would also be very gratefully received.