Stamford Law has appointed Allen & Gledhill's former joint deputy head of restructuring & insolvency as a director of its corresponding practice group.

Ashok Kumar will lead Stamford's restructuring & insolvency group as of July following a tenure working alongside Allen & Gledhill partner Andrew Chan. Kumar said he was attracted to the "synergy" offered by Stamford and that the firm had "strong ingredients for growth."

"Expansion is of course the primary focus of the practice. We've got a strong team and we'll be able to grow this business," he said. "As the practice grows we'll have to look at new hires, but in terms of the work, in these times obviously the need for [insolvency & restructuring advice] is growing."

Kumar added that unlike the 1997 Asian financial crisis, the global breadth of the current crisis will mean a steady flow of insolvency & restructuring work will keep firms busy in the long term. "The economic crisis is far from over-—I think the current demand for restructuring services will continue for another two to three years,” he said. “Maybe when the economy turns around, the frequency of deals might be lower but there’s always going to be a need for restructuring advice. Right now the intensity is tremendous."

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