Offshore firms turn to restructuring to weather downturn

Offshore firms are confident they will continue to grow despite a downturn in referral work from onshore firms during the economic crisis.

Responding to The Lawyer’s offshore survey 2009 firms said trends had changed significantly with greater demand now for restructuring lawyers.

Cayman Islands’ Walkers said it would “continue to grow” while Gibraltar headquartered Triay & Triay said it was “business as usual” despite tightening its overheads budget.

Channel Islands based firm Carey Olsen was less optimistic but said the “market has been resilient so far.” The firm said it had seen a rise in litigation and fiduciary work and it anticipated a downturn in corporate work being referred by onshore firms, although this was yet to take hold.

By contrast Ozannes, which is also based in the Channel Islands, said it had seen a decline in big ticket fund work. But the firm has noticed a surge in restructuring activity, and a significant increase in litigation and employment matters.

Offshore giant Maples and Calder said its aim was to “take as much advantage from the recession as we can”.

The Lawyer’s offshore survey, revealing the world’s top firms by partnership numbers, will be published in full on 29th February.

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