Bankruptcy Boutiques

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Anonymous User
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Bankruptcy Boutiques

Postby Anonymous User » Wed Aug 07, 2013 5:04 pm

I'm a rising 2L interested in Bankruptcy/Restructuring. I have Kirkland/Weil grades but they're not good enough to be a guarantee. Are there any bankruptcy boutiques worth going to (rather than going for a biglaw firm)? How far down in the Chambers bands can I go before it becomes "worth it" to go to a boutique?


Also, what bankruptcy boutiques are there? So far I've only heard of Togut and Klestadt.

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JenDarby
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Re: Bankruptcy Boutiques

Postby JenDarby » Wed Aug 07, 2013 5:17 pm

Not a boutique, but Curtis Mallet Prevost hires SAs (1 or 2 a year) explicitly for their BK group and looks for people with a demonstrated background/interest. You may want to keep them in your radar.

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Re: Bankruptcy Boutiques

Postby Anonymous User » Sat Aug 10, 2013 11:51 am

Bump. Anything anyone?

Still interested in BK and wondering whether boutique or firm is a better idea.

aliens
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Re: Bankruptcy Boutiques

Postby aliens » Sat Aug 10, 2013 5:06 pm

Bankruptcy attorney and law clerk here. Bankruptcy is a struggling practice area right now. Stay away from it if you can. If you can't, I'd stick with smaller, more localized firms that have economies that are supporting more bankruptcy work right now.

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Re: Bankruptcy Boutiques

Postby Anonymous User » Sat Aug 10, 2013 5:15 pm

aliens wrote:Bankruptcy attorney and law clerk here. Bankruptcy is a struggling practice area right now. Stay away from it if you can. If you can't, I'd stick with smaller, more localized firms that have economies that are supporting more bankruptcy work right now.



I hear the smaller firms are struggling, but that the band 1 giants are still strong. Where do you work? (A general idea would be great)

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Re: Bankruptcy Boutiques

Postby Anonymous User » Sat Aug 10, 2013 5:18 pm

aliens wrote:Bankruptcy attorney and law clerk here. Bankruptcy is a struggling practice area right now. Stay away from it if you can. If you can't, I'd stick with smaller, more localized firms that have economies that are supporting more bankruptcy work right now.


I am a law student, was talking to a bankruptcy attorney at V-50 (I also really like the field) and he said the field is struggling.
Last year, during CBs I was also told by a bk partner that the field is struggling. He was at a medium sized firm that pays 160k and specializes in this type of work.

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Re: Bankruptcy Boutiques

Postby Anonymous User » Sat Aug 10, 2013 5:30 pm

Even Jones Day isn't crazy busy right now, and that's with Detroit. They have work, but fewer longer drawn out and high fee restructuring and more out of court and quich restructuring a negotiated by private equity firms looks like the new normal.

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Re: Bankruptcy Boutiques

Postby Anonymous User » Tue Aug 13, 2013 8:55 am

I won't fully disagree, but having just interned with a BK judge who was constantly swamped with large and small cases, and having worked in the restructuring world since 2007, all of my ex colleagues (principals at smaller consulting firms, partners at larger consulting firms, big law and mid law lawyers, people on the financial side, etc) haven't slowed down too much since.

Also, BK isn't going to go away, there are natural lulls, but its not going anywhere anytime soon. It's silly to look at just cases like Detroit. I worked on quite a few multimillion and multibillion dollar cases that my firm made many millions off of, but that NO ONE who wasn't really concerned with restructuring would have known about (we won a bunch of big restructuring awards, including restructuring of the year, but it was no Detroit as far as national news goes). Even multimillion dollar cases and less rack up tons in fees, and these cases are ABUNDANT. For instance, a large number of closely held conpanies operating in fields dealing with unions are entrenched in 1113 issues, racking up fees left and right. That its not constantly in the news doesn't change the fact works being done. There are alao many huge cases that I'd look to before i focused on Detroit as some great example of the state of things. Part of BK is that you do have periods of downtime - this is why consultants at major firms in the restructuring world can make high six figures but be on the beach a couple months a year.

Bankruptcy groups are generally smaller and more practice area selective, which makes up for any downturns. Additionally, firms that don't have tons of BK work will have people in the BK group split across with another group (lit, real estate, etc.).




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