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Though a lot less severe, the downturn has found its way to Gibraltar – effecting a shift in the types of work to be had."The market this year has noticeably declined in terms of credit-related transactions," says one partner at a leading Gibraltar firm....

Though a lot less severe, the downturn has found its way to Gibraltar – effecting a shift in the types of work to be had.

"The market this year has noticeably declined in terms of credit-related transactions," says one partner at a leading Gibraltar firm. "Banks are not lending so there's a significant decline, but this has been more than compensated by the amount of litigation work we are getting as a result of credit and loan defaults."

Restructuring work has also reached a peak for Gibraltar lawyers, as the swing from a borrowers' to a lenders' market has made banks keen to renegotiate.

But it is acquisition finance and real-estate finance work that has taken the biggest hit, dropping significantly in volume. However Gibraltar has seen an influx of online gaming mandates – a development that has benefited Isola & Isola (Isolas), whose partner Peter Isola is a leading light in gaming law.

More good news for Gibraltar's lawyers this year was the ruling by the European Court of First Instance to annul a previous decision of the European Commission that the government of Gibraltar's proposed reforms of its corporate tax plan were unlawful under EU and state aid rules. The judgment paves the way for the government's proposed 10% flat tax rate, which will see Gibraltar competing with Ireland for clients.