Grant Thornton will place greater
strategic emphasis on business turnaround services as the economic
downturn affects demand for corporate finance work, according to
David Fisher, the new global leader for specialist advisory
services (SAS).

The SAS group is comprised of business risk,
corporate finance, forensic and investigations, project finance,
recovery and reorganisation, and valuations services.

Fisher, who took the helm of SAS in January,
said the global credit crisis is providing opportunities and
challenges within different areas of the SAS business.

“Due to the recession, the focus is on the
restructuring and valuations practices. These sectors have created
more opportunities for work,” Fisher said.

“There are fewer prospects within capital
markets, which in turn is affecting the M&A, and transaction
advisory due diligence practices.”

As a consequence, Grant Thornton will place
more resources into the restructuring, valuation and litigation
support practices. “It is about maintaining all of our core
services and focusing our efforts where the need is greatest at the
moment,” Fisher said.

Fisher became a partner at Grant Thornton UK
in 1980 and became executive director for SAS three years ago.

Specialist advisory services generated
combined global revenues for Grant Thornton International of more
than $1 billion for the first time in its 2008 financial


World. Grant Thornton International fee split: 2008