Yet another bank has taken the step of hiring a lawyer in senior roles running debt restructuring franchises. While UBS is putting plenty of its staff out on the street, it has sought out Matthew French , a restructuring partner at Lovells, to join the bank as head of restructuring for Europe, the Middle East and Africa. Goldman Sachs was another bank to make such an unusual appointment, hiring leading restructuring lawyers James Sprayregen in the US and Andrew Wilkinson in Europe as part of a push into the world of advising distressed groups. As many debt restructuring advisers and investors look to build franchises ahead of an expected increase in corporate defaults, they are finding a shortage of bankers with experience in restructuring. Lawyers' negotiating skills and knowledge of the process is making them an attractive hiring for banks.

people@ft.com