Every economic downturn leads to some businesses falling off the radar while others will find innovative ways to eclipse their rivals.
Offshore firms are no different – as Appleby has demonstrated in the last month by overtaking Maples & Calder to become the world’s largest offshore firm in terms of partnership size and number of offices.
It has long been the aim of Appleby global managing partner Peter Bubenzer to become the biggest offshore firm. The announcement of a merger with Dickinson Cruickshank has seen his ambition realised (15 June 2009).
On the surface it may appear that the deal is more advantageous to Dickinson Cruickshank – after all the firm has just broadened its global reach in a single move (see blog).
In the long term, however, it will be Appleby that benefits most, not just from its new position at the top of the offshore hierarchy, but also from how it has positioned itself to target work coming out of the emerging economies.
Whatever else, Appleby has certainly thrown down the gauntlet to the rest of the market.