New legal costs businesses
Gibbs Wyatt Stone has just celebrated its fifth anniversary. (During that time GWS has gone from strength-to-strength … blah, blah, blah … growing reputation … blah, blah, blah … ever growing list of important clients … blah, blah, blah.)
Traditional wisdom is that the first year for any new business is the most difficult, and the period during which most fail, but if a business can reach the five years mark then it has very good prospects for the long term.
However, with recent announcements, I suspect the next five years are going to be just as “challenging” as the first five.
Interestingly, despite Jackson casting his shadow over the costs world, the last couple of years seem to have seen a very high level of new start-up costs ventures. Why should that be? Has it been wishful thinking that Jackson would not happen? Has it been an acknowledgment that Jackson would happen, the gravy train was about to end, but a hope to make as much money as possible before the end, with self-employment seen as the best opportunity? Has it been an acknowledgment that some firms were unlikely to survive – and would certainly not be continuing to pay generous wages before the end – and decisions have been taken to jump (into self-employment) before being pushed being pushed (into unemployment) in the hope of carving out a niche in the market ahead of Jackson implementation?
I’d be interested to hear readers’ views, although for once I think we’d all understand if these were anonymous.