Global Restructuring Review (GRR) has unveiled its annual ranking of the world’s leading restructuring law firms, with DLA Piper ranked #10 in the GRR 30, up one place from the previous year.

The GRR 30 table is the ranking of the standout firms in the GRR 100, an annual guide to the world’s leading law firms for cross-border restructuring and insolvency matters.

A number of factors are considered when making the 100 list - the size of the restructuring and insolvency team, the number of countries served, the hours billed, the clients attracted, the value and volume of cases worked on, and the level of complexity and innovation that was required in individual cases. For the GRR 30, however, they looked at two key metrics: the firm's top 10 cases during the research period, and its performance in their sister publication Who's Who Legal: Restructuring & Insolvency 2018.

GRR reports that "the firm acts on some of the largest ongoing multinational restructurings, including China Fisheries, Abengoa and CGG". GRR highlights the firm's role advising Rabobank, Standard Chartered and DBS in the multijurisdictional restructuring China Fishery Group, one of the world's largest producers of fish oil and fishmeal: "It successfully sought the appointment of a Chapter 11 trustee - William Brandt - over one of the key entities in the US bankruptcy proceedings." Another case mentioned by GRR is Alitalia's €1.7 billion (US$2 billion) restructuring, which is ongoing and involves a Chapter 15 proceeding in the US and proceedings in Austria. DLA Piper's partners in Italy, Austria and the UK are advising Italy's flagship airline.

The firm also received recognition from clients with one of them saying: "The team at DLA Piper have proven to be an outstanding partner in the transactional work we have undertaken for our mutual clients. The team have shown exceptional levels of commercialism, pragmatism and good old fashion sleeves rolled up hard work."

Global co-chair of the Restructuring Group, Michael Fiddy, said: "These results reflect the firm's reputation as a leading legal adviser in the global market and recognises the breadth and depth of our truly global restructuring practice." Fellow global co-chair of the Restructuring Group, Richard Chesley, added: "At a time of increasing complexity and disruption within this sector, this recognition of so many on our team once again highlights our strength and consistency of service around the world.”