Adapting to the major changes under way in ship finance markets will need to be a key element in the future strategy of global law firm Watson Farley & Williams (WFW), says its new chairman.

Nigel Thomas, who was elected unopposed last week by the firm’s more than 150 partners as chairman for the next five years, says industry knowledge and understanding will be critical in providing legal services for banks, shipowners and financial institutions new to shipping.

“Structurally,