The economic downturn means a marked upturn in insolvency and restructuring related work for most law firms in the region and the situation is no different for offshore law firms. Walkers scored a coup earlier this week after announcing that Fraser Hern had joined its Hong Kong office as part of its burgeoning insolvency, restructuring and corporate recovery group.

Hern, who joins the firm from Allen & Overy where he was a senior associate, boasts experience in advising insolvency practitioners, turnaround professionals, bank creditors, debtors, shareholders, bondholders and other stakeholders on the spectrum of issues that arise within corporate and financial restructuring and insolvency matters. 

"We are seeing a substantial increase in restructuring work given the current economic climate," said Guy Locke, global head of the restructuring, insolvency and corporate recovery group.  "We anticipate the trend will continue and we expect that more companies in Asia will be troubled going forward. We are positioning ourselves to meet the demand for restructuring and insolvency experience in the Asian time zones."