Ernst & Young has hired Lee Watson as a partner, poaching the business recovery specialist from PricewatehouseCoopers.

Watson appointment comes as part of the firm's efforts to beef up its restructuring arm as difficulties in global credit markets and sluggish economic conditions see businesses look to shore themselves up.

Watson joins Ernst & Young after 12 years with PwC. Alan Bloom, Global head of Restructuring said: 'I am delighted that Lee has joined our Restructuring team. His appointment shows our continued dedication to increasing our European presence in restructuring.

'He is a proven restructuring advisor who has worked on many high profile complex restructurings and brings with him a good market network. I have no doubt he will make a difference to our practice, which continues to grow from strength to strength.'