Major law firms are carefully monitoring the fallout from the so-called Panama Papers, as the unprecedented leak of 11.5 million internal documents from the Panamanian law firm Mossack Fonseca continues to shine a spotlight on the offshore movement of wealth.

While many firms are getting updates and looking for opportunities in the wake of the leak, at least one, Sheppard, Mullin, Richter & Hampton, has formally set up a multipractice group devoted to Panama Papers-related developments.