Best firm to be an associate in restructuring

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kau11
Posts: 6
Joined: Thu Jul 07, 2016 1:38 pm

Re: Best firm to be an associate in restructuring

Postby kau11 » Thu Apr 20, 2017 10:21 am

Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 10:33 am

kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 1:20 pm

Anonymous User wrote:
kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.


A large portion of the business development comes in the form of referrals from other restructuring advisors; however, it's not true that institutional clients don't stick with the big debtor side firms. For instance, Westinghouse was a long time client of Weil's, as was Lehman, G.M., etc... KE also gets a lot of work from its institutional PE clients like Sun Capital (which has a really uncanny ability to bankrupt just about everything it touches).

kau11
Posts: 6
Joined: Thu Jul 07, 2016 1:38 pm

Re: Best firm to be an associate in restructuring

Postby kau11 » Thu Apr 20, 2017 1:34 pm

Anonymous User wrote:
Anonymous User wrote:
kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.


A large portion of the business development comes in the form of referrals from other restructuring advisors; however, it's not true that institutional clients don't stick with the big debtor side firms. For instance, Westinghouse was a long time client of Weil's, as was Lehman, G.M., etc... KE also gets a lot of work from its institutional PE clients like Sun Capital (which has a really uncanny ability to bankrupt just about everything it touches).

That's interesting. I would not have thought that to be the case. I assumed Westinghouse would have used the large firms out of Pittsburgh. Reed Smith or K&L Gates. The Westinghouse filing was actually what initiated my question in the first place. I knew they were Pittsburgh-based but had hired Weil. Knowing that they had been a long-time client adds some clarity to that situation. I assumed they had shopped around for a top bankruptcy group.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 1:43 pm

kau11 wrote:
Anonymous User wrote:
Anonymous User wrote:
kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.


A large portion of the business development comes in the form of referrals from other restructuring advisors; however, it's not true that institutional clients don't stick with the big debtor side firms. For instance, Westinghouse was a long time client of Weil's, as was Lehman, G.M., etc... KE also gets a lot of work from its institutional PE clients like Sun Capital (which has a really uncanny ability to bankrupt just about everything it touches).

That's interesting. I would not have thought that to be the case. I assumed Westinghouse would have used the large firms out of Pittsburgh. Reed Smith or K&L Gates. The Westinghouse filing was actually what initiated my question in the first place. I knew they were Pittsburgh-based but had hired Weil. Knowing that they had been a long-time client adds some clarity to that situation. I assumed they had shopped around for a top bankruptcy group.


Those firms don't have the capability to manage a Westinghouse level chapter 11, the prior relationship was helpful I'm sure, but Weil wouldn't have been in the running if they weren't already the best.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 1:49 pm

Anonymous User wrote:
kau11 wrote:
Anonymous User wrote:
Anonymous User wrote:
kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.


A large portion of the business development comes in the form of referrals from other restructuring advisors; however, it's not true that institutional clients don't stick with the big debtor side firms. For instance, Westinghouse was a long time client of Weil's, as was Lehman, G.M., etc... KE also gets a lot of work from its institutional PE clients like Sun Capital (which has a really uncanny ability to bankrupt just about everything it touches).

That's interesting. I would not have thought that to be the case. I assumed Westinghouse would have used the large firms out of Pittsburgh. Reed Smith or K&L Gates. The Westinghouse filing was actually what initiated my question in the first place. I knew they were Pittsburgh-based but had hired Weil. Knowing that they had been a long-time client adds some clarity to that situation. I assumed they had shopped around for a top bankruptcy group.


Those firms don't have the capability to manage a Westinghouse level chapter 11, the prior relationship was helpful I'm sure, but Weil wouldn't have been in the running if they weren't already the best.


I was referring to the relationship with Weil. I assumed that Westinghouse would not have had a prior relationship with a NY based firm since their corporate hq is out of Pittsburgh. There are relatively few firms that have the capability to manage the big ch. 11s, regardless, so Weil makes sense either way.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 2:03 pm

Anonymous User wrote:
Anonymous User wrote:
kau11 wrote:
Anonymous User wrote:
Anonymous User wrote:
kau11 wrote:Perhaps this should be in its own thread, but does anyone have any idea how business development works in restructuring? I think it would be straightforward on the creditor side, but would be interested to hear how it works for debtor/committee work.

I would think that for most large businesses sliding into bankruptcy, the legal work is almost always bet-the-business type work. It seems like firm reputation and referrals would play a disproportionate role in securing a debtor client.
I don't view restructuring as the type of practice where institutional clients will necessarily stick with their typical firm if insolvency issues arise. I don't think this would be true on the creditor side. Committee work is an entirely different beast.

I would be interested to hear some perspectives on this aspect of restructuring.


Depends on the work. Partners do biz development just like any other group, and it obviously helps to have brand recognition behind you. For most of the top firms, a lot of the work comes from referrals from other groups, like corp/PE. Referrals also come in from the financial/restructuring advisors.


A large portion of the business development comes in the form of referrals from other restructuring advisors; however, it's not true that institutional clients don't stick with the big debtor side firms. For instance, Westinghouse was a long time client of Weil's, as was Lehman, G.M., etc... KE also gets a lot of work from its institutional PE clients like Sun Capital (which has a really uncanny ability to bankrupt just about everything it touches).

That's interesting. I would not have thought that to be the case. I assumed Westinghouse would have used the large firms out of Pittsburgh. Reed Smith or K&L Gates. The Westinghouse filing was actually what initiated my question in the first place. I knew they were Pittsburgh-based but had hired Weil. Knowing that they had been a long-time client adds some clarity to that situation. I assumed they had shopped around for a top bankruptcy group.


Those firms don't have the capability to manage a Westinghouse level chapter 11, the prior relationship was helpful I'm sure, but Weil wouldn't have been in the running if they weren't already the best.


I was referring to the relationship with Weil. I assumed that Westinghouse would not have had a prior relationship with a NY based firm since their corporate hq is out of Pittsburgh. There are relatively few firms that have the capability to manage the big ch. 11s, regardless, so Weil makes sense either way.


Right, I only meant to say that the relationship was likely helpful to differentiate them from the other few firms that can do big debtor side chapter 11s, but wouldn't be so significant a factor in other scenarios.

Anonymous User
Posts: 298115
Joined: Tue Aug 11, 2009 9:32 am

Re: Best firm to be an associate in restructuring

Postby Anonymous User » Thu Apr 20, 2017 9:51 pm

For committee work, you need to know the in house counsel (or their external counterparts) for companies with significant claims in the bankruptcy (which makes them likely to get selected for the committee). Then, after the formation meeting, you get that person to push for your firm getting a slot to pitch when counsel is interviewed. Cooley has this down to a science.




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