The Lehman Brothers administration - reflections and ongoing impact

Ten years ago, Linklaters was mandated to work on the administration of Lehman Brothers International Europe: the most high-profile and complex administration in history, and the emblematic event of the wider Global Financial Crisis.

The sheer scale of the collapse and its impact on the global financial markets made it a landmark case, and its ongoing ramifications continue to be extremely significant for our clients.  Here are our reflections on working on this highly complex situation, as well as our views on how regulation and practice in the financial markets have changed and continue to change as a result of Lehman Brothers and the wider global financial crisis.

10 years later: reflections on the crisis


We were at the epicentre of the administration of Lehman Brothers – one of the most complex, high-stakes and transformative situations in history.

This film contains our reflections on working on the administration, lessons learned on handling complex situations, and the ongoing implications of the collapse of Lehman Brothers on regulation and practice in the wider financial markets.

10 years later: plus ça change?

In several important ways, the world of 2018 is reminiscent of the pre-financial crisis world: valuation levels and leverage levels are high, and the world’s ever-increasing complexity and interconnectedness gives scope for the effects of a crisis to be felt across the world, no matter where it starts.

In many other ways, the world today is a very different place: financial regulation is more abundant and stringent; fintech is creating new ways of doing business; and rising political populism is changing society’s relationship with business and finance.

In this infographic, we illustrate the key ways the world has changed and how the world is similar, to how it was before the Global Financial Crisis. History may not repeat, but it may well rhyme.

lehman brothers collapse 10 years on



10 years later: further insight