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....