This time last year I had hoped to bring some early Christmas cheer to these pages, however I feared that Father Christmas would bring nothing more than a full-blown recession down the chimneys of one and all. If only I had placed that bet…

I also raised the question of whether morality would be restored to the financial world and would we all live financially happy ever after? Well here’s an update: a big ‘no’ and ‘no’ – as if you weren’t perfectly aware already.

The banks that we… apologies, the government… bailed out (with money we haven’t yet earned) appear to be happily doling out bonuses like candy canes – so it seems that screwing up is the new reaper of reward. And the Queen has had to tell bankers that they can’t just give themselves lots of money – yes, something that to most would seem beyond obvious needs to be reiterated by the Queen, no less, and legislated for.

With house prices taking a chilly pre-Christmas dip (yet again), I’m wondering whether 2010 will be ‘W’-shaped, ‘U’-shaped, ‘L’-shaped or simply pear-shaped.

On a more positive note, it seems the legal profession are optimistic – at last! At least according to a survey carried out during September and October 2009 by accountancy firm Smith & Williamson, entitled ‘Upturn in optimism’.

“The rise in confidence since last year suggests that law firms are seeing the first signs of an upturn, even though swathes of the economy are struggling with recession,” said Giles Murphy, head of assurance and business services at Smith & Williamson.

The results indicate that 58 per cent of firms are confident about the year ahead, compared to only 50 per cent last year. However, delving further, the results are a little worrying – 84 per cent have reduced staff costs or are in process of reducing them, 41 per cent have less favourable bank terms than a year ago, 63 per cent say time between invoice and payment has deteriorated since last year and 25 per cent say the relationship with their bank is more difficult than a year ago. And there goes my positivity, again. Oh well.

I would like to thank again all those who have helped me with this issue of Elderly Client Adviser and also to take the opportunity to wish you, the readers, a very merry Christmas and a happy New Year.

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.

Joanna Lee

Editor