I have been practicing law for a long time now and I have experienced many ups and downs in the law practice, in the real estate industry, and in the economy overall. I can specifically recollect recessions which affected the activity and value of properties. I certainly remember dealing with the stock market crash of 1987, the impact to the economy of September 11, 2001, and the recession of 2008 which hit the real estate industry extremely hard. We are now once again in uncharted waters regarding the Corona virus and the economy. No one knows how quickly the economy will open and how quickly it will rebound to become robust once again as it was only 4 short months again.
Although many things have changed and will continue to change, in the legal industry, we must rely upon the practices and procedures, and institutions, that governed activities for many years and hope that there will be some return to pre-existing structure so that all parties can move forward . Having said that, I think Contracts must remain enforceable despite the uncertainties and pitfalls that currently affect all parties, thereto.
We all must remain compassionate of the losses incurred by the parties with whom we are legally dealing with on a daily basis. There must be some flexibility in our approach to each other in our legal and transactional matters.
There is a fine line to be walked by all through these uncharted waters and we must all hope and pray that the World gets back to normal soon.