It was a very distinguished group of persons arriving here in Grand Cayman this week.

Regional meetings were taking place on Wednesday (6) and Thursday (7) to discuss cross-border insolvency issues, restructuring, insolvency, bankruptcy and similar issues.

The distinguished attendees for these meetings included judges from Canada, the United Kingdom, United States and across the Caribbean who joined Cayman’s local judges and legal practitioners.

Cayman’s Chief Justice Hon. Anthony Smellie said all the issues being discussed at the meetings could have far-reaching consequences for the people affected, as well as the local, regional and global economies.

Overview – From Legal500

London remains a strong international hub for dispute resolution, and has seen an overall increase in the number of large cases reaching court. The London courts are particularly popular with foreign parties, especially from Russia and the CIS region. The Middle East and Africa are also increasingly generating work for London’s dispute resolution lawyers.

With the economic crisis causing defaults, particularly on bonds and derivatives, the past year has seen a significant increase in high-profile banking cases. Various scandals have also been a source of work for banking litigators, and further regulatory enforcement is anticipated as a consequence of Libor manipulation involving several banks.

In the world of international arbitration, it has been the energy sector which has produced the largest cases. Public international law practitioners remain busy with investment treaty disputes, and, because of the continuing global economic uncertainty, an increase in sovereign debt/immunity claims is also expected.

Litigation practices are braced for the impact of the Jackson reforms, which were implemented in April 2013 in England and Wales and constitute the single largest change to civil procedure since the introduction of the Civil Procedure Rules in 1999. The changes include the introduction of contingency fees, and the abolition of success fees in conditional fee agreements and after-the-event (ATE) premiums. Success fees and ATE premiums relating to insolvency presently remain recoverable; insolvency practitioners have been graced with an exemption period until April 2015.

The changes are expected to trigger a reduction in litigation, but an increase in third party supported commercial disputes is also expected, with clients requiring their legal advisers to offer funding schemes beyond the traditional model of hourly rates. Some law firms are ahead of the game in terms of establishing relationships with major funders; and because the court can now require parties to produce costs budgets, some practices have introduced cost management tools in response to the new requirements.

The dispute resolution legal market remains mobile. Allen & Overy LLP saw its global international arbitration chair Stephen Jagusch join Quinn Emanuel Urquhart & Sullivan, LLP together with Anthony Sinclair. Norton Rose LLP saw the departure of international arbitration head Joe Tirado to Winston & Strawn London, with Steve Abraham leaving for Baker & McKenzie LLP, Charles Evans for Milbank, Tweed, Hadley & McCloy LLP, and Dorian Drew for Clifford Chance; the firm’s high-profile merger in June 2013 meanwhile brought Fulbright partners Deborah Ruff, Chris Warren-Smith, Lista Cannon and Melanie Ryan to the dispute resolution group.

In addition to opening a New York office in September 2012, Herbert Smith LLP completed its own merger, with Australian law firm Freehills, in October 2012, becoming Herbert Smith Freehills LLP. It also saw a number of high-profile departures, including commercial litigator Ted Greeno, who joined Quinn Emanuel Urquhart & Sullivan, LLP, and contentious financial services specialist Martyn Hopper, who is now with Linklaters LLP.

In other noteworthy moves, Linklaters LLP arbitration partner Christopher Style QC is now with One Essex Court; Philippa Charles, previously of Mayer Brown International LLP, has joined Stewarts Law LLP as its head of international arbitration; and Ania Farren joined K&L Gates LLP from Baker Botts (UK) LLP. Justin Michaelson left SJ Berwin LLP for Fried, Frank, Harris, Shriver & Jacobson (London) LLP, while Dentons’ merger brought Salans’ George Burn to the firm.

For more on this story go to:

http://www.legal500.com/c/london/dispute-resolution