Job seekers queue for jobs posted in Makati's financial district of ManilaNew opportunities for ex-bankers are few and far between. However, one area of the financial industry continues to grow: restructuring.

Like the credit boom turned on its head, restructuring deals help lower companies’ debt before it drags them into insolvency. Deleveraging is the awkward word the industry uses and it offers opportunities right across the financial services business.

As I wrote in February, the big investment banks see restructuring as a great chance to restart relationships with indebted corporate clients, and are willing to go head-to-head with well-established boutique advisory firms for lucrative advisory mandates. JP Morgan, Credit Suisse and Morgan Stanley have all made high-profile hires in London.

Smaller boutiques are building up their teams while new ones are springing up. Jefferies is a new name for many in Europe’s restructuring industry, while Gleacher Shacklock, Greenhill and Moelis have all made hires. Others, such as Versatus, see former bankers set up shop to offer their capital market expertise.

Lawyers also sense opportunities. Loan documents are the bedrock on which banks will strike restructuring deals. This means hiring a clever lawyer, able to pick apart thorny inter-creditor agreements, can give you a clear advantage over rivals.