Oct. 6 (Bloomberg) -- DLA Piper, the world’s third-highest grossing law firm, hired Troy Doyle from Norton Rose to head its newly created restructuring and distressed investment team in Asia amid Europe’s debt crisis.
“Given the volatility, we’re seeing an increase in distressed investments across the region,” Doyle, who joined Chicago-based DLA Piper this month, said in a phone interview from Singapore today.
The number of companies considered distressed by Standard & Poor’s in the U.S. increased “significantly” in September as uncertainty about the European sovereign debt crisis rose and disappointing economic data from the developed world weakened investor sentiment.
“Having Troy on board to drive the team regionally allows us to ramp up our capabilities to counsel clients in this key area,” DLA Piper’s Asia managing partner, Lance Miller, said in an e-mailed statement.
Lawyers from DLA Piper’s banking and corporate practices used to advise clients before the firm set up its Asia restructuring and debt investment group, Doyle, 37, said.
DLA Piper is the third-biggest law firm by revenue, with $1.96 billion in its latest fiscal year, according to the American Lawyer, a trade publication.
--With assistance from Katrina Nicholas in Singapore. Editor: Alan Soughley
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