The firm's management promised millions of dollars in guaranteed packages to about 100 of its partners, which left it unable to cope with the downturn in revenues during the recession.

BBC: Major US law firm files for bankruptcy protection

However there was some relief for the Royal Mail, and other employers, recently from the pensions regulator which last week published new guidance on how companies could cope with increased pension deficits during the recession.

BBC: Royal Mail sale plans 'delayed'

This week, I spent some time in Racine, Wisconsin, talking with folks who are doing their best to cope with the aftermath of a brutal recession.

WHITEHOUSE: Weekly Address: A Solar Recovery

The conventional wisdom, nonetheless, is that the world economy could just about cope with stagnation or a shallow recession in Europe.

ECONOMIST: The world economy

The government is already trying to cope with a sinking currency, rising inflation and a severe recession.

ECONOMIST: The pressure mounts on Chavez