It is as much a part of British Christmas festivities as stuffed turkey, mince pies, mistletoe and the Queen's speech. But at the end of an annus horribilis for many firms, the infamous office party promises to be a much less frivolous affair this year.
It is a far cry from last year, when bankers, brokers, lawyers and others celebrated across London in style, with a little help from vodka fountains, free-flowing bubbly and bumper bonuses.
This year, investment bankers -- those who still have jobs -- are more worried about where the next deal will come from, with jobs and bonuses at risk from the economic downturn.
Moreover, many firms are loath to be seen partying just weeks after the grisly events of Sept. 11. Many of London's banks and brokerages had offices in the World Trade Center.
Bloomberg, the US financial information group, reportedly spent more than ?1 million (US$1.4 million) on last year's party with a seven-deadly-sins theme. Not so this year. "We are not having a Christmas party this year in the light of September 11 attacks," a spokeswoman said.
There will be plenty of sorrows to drown at parties by bankers who have seen their yearly bonuses disappear with the economic slump.
For most though, the office party is a welcome opportunity to let their hair down and get to know co-workers better. A recent survey by British magazine Time Out found that 12 percent of respondents had met their current partner at an office do.
But some employees might actually welcome the chance to be spared their morning-after blushes. Work colleagues, free booze and the odd sprig of mistletoe can be an explosive mix.
There is also a financial hangover for companies, with many employees too ill to go to work the next day. Two million people will take time off work with a hangover in the run-up to Christmas, costing British firms up to ?110 million in lost productivity, according to a recent report by Norwich Union Healthcare.
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