Capital Markets Review

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December 01, 2008

Ben Lewis
Research editor

It pays to be flexible. In recent years the annual IFLR1000 research programme has focused on law firms' ability to produce more and more sophisticated financing techniques – such as covenant-lite lending, opco/propco structures and credit derivatives. In a stable, optimistic market, complexity and invention were the benchmarks of success.

But this year's research took place in a different market. Firms that can adapt to negative economic conditions have been rewarded with strong praise from clients and higher rankings. Some firms, particularly those involved in risky (and thus out-of-favour) financial instruments such as high-yield bonds, have had to restructure their practice, using their skills to rework past deals that have since gone wrong....

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