The trouble is that the counter-cyclical forces that were expected to save the skins of many firms, especially those that relied heavily on the financial industry, have yet to materialise.

困难在于寄希望于挽救这些律所(尤其是严重依赖金融产业的律所)的反周期力量还未出现。

youdao

In the long term, however, the greatest uncertainty is not cyclical, but structural, as online firms change the industry's shape.

但是从长远看来，随着线上公司逐渐改变该行业格局，最大的不确定性不是在于周期，而在于结构。

youdao

They can endanger weak companies and firms in cyclical industries, which do not have stable cashflow to pay down the additional debt.

ECONOMIST: Are private-equity firms able to escape their past?

The subsidised lending was done largely to firms of good standing that were hardly expected at the time to be caught by a cyclical downturn.

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