Biglaw Corporate Restructuring

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SemperLegal
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Biglaw Corporate Restructuring

Postby SemperLegal » Sat Apr 09, 2011 11:10 pm

So I am very interested in doing bk for a firm. Is a 1L internship for a Bankruptcy judge a good step in that direction, or is it considered not prestigious enough to justify not getting a grant or foregoing a RA job?

Separate related question, for a formal clerkship whats the correct order of desirability for someone in my interests?

1. COA (in a circuit with a BAP, so very few, if any, bk cases)
2. District Court
3. BAP (Assume S. Distirct of NY)
4. Bankruptcy Court (Assume S. Distirct of NY)
5. State Supreme Court

abudaba
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Re: Biglaw Corporate Restructuring

Postby abudaba » Sun Apr 10, 2011 12:20 am

I'm also interested in this info.

Also, OP, do you have any interest in DoJ Bankruptcy Department/U.S. Trustee's Office?

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SemperLegal
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Re: Biglaw Corporate Restructuring

Postby SemperLegal » Sun Apr 10, 2011 3:54 am

The US Trustee's Office seems like would be extremely boring. Whoever in the US Attorneys office who they hand over bankruptcy fraud cases to would be a dream assignment during law school, and a very liveable one post law school (though I would prefer private practice)

abudaba
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Re: Biglaw Corporate Restructuring

Postby abudaba » Sun Apr 10, 2011 1:05 pm

I'm pretty sure the U.S. Trustee's office is the branch that investigates and litigates the bankruptcy fraud. I suspect the USAO takes the things related to any associated fraud issues, outside bankruptcy, or that arise as a result of a discharge.

I'm surprised you are not looking into it. For 1L's, it is one of few opportunities available to work directly on the chapter 11 restructuring cases you are interested in. The USTO oversees the execution of restructuring plans and continually evaluates the viability of the plan throughout the process.

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Re: Biglaw Corporate Restructuring

Postby SemperLegal » Tue Apr 12, 2011 9:47 am

abudaba wrote:I'm pretty sure the U.S. Trustee's office is the branch that investigates and litigates the bankruptcy fraud. I suspect the USAO takes the things related to any associated fraud issues, outside bankruptcy, or that arise as a result of a discharge.

I'm surprised you are not looking into it. For 1L's, it is one of few opportunities available to work directly on the chapter 11 restructuring cases you are interested in. The USTO oversees the execution of restructuring plans and continually evaluates the viability of the plan throughout the process.



I was under the impression that the US Trustee looks for hidden assets and disburses payments, but is required to refer the case to the USAO if there is going to be prosecution in a Article III court. I would like to intern for the US Trustee, but post-graduation it would probably be fourth or fifth on my list.

alumniguy
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Re: Biglaw Corporate Restructuring

Postby alumniguy » Tue Apr 12, 2011 10:46 am

SemperLegal wrote:So I am very interested in doing bk for a firm. Is a 1L internship for a Bankruptcy judge a good step in that direction, or is it considered not prestigious enough to justify not getting a grant or foregoing a RA job?

Separate related question, for a formal clerkship whats the correct order of desirability for someone in my interests?

1. COA (in a circuit with a BAP, so very few, if any, bk cases)
2. District Court
3. BAP (Assume S. Distirct of NY)
4. Bankruptcy Court (Assume S. Distirct of NY)
5. State Supreme Court


A 1L gig as a bankruptcy court clerk is probably your best bet. It will show a real desire for restructuring work. From my experience, no one really cares what you do your 1L summer - certainly not in terms of prestige (because well, there aren't that many prestigious 1L summer experiences to be had).

I certainly would choose clerking over the U.S. Trustee's office. The Trustee's office is generally involved in every bankruptcy case, but their involvement is usually quite limited (especially in corporate restructurings). They generally sit on the sidelines and monitor the case to ensure that the case complies with the bankruptcy code. In most corporate bankruptcies (especially those where the debtor/creditors committee/etc. are represented by biglaw firms), the Trustee doesn't do much of anything. They may respond to a few motions here and there, but the big corporate bankruptcies are well run and if one side isn't complying with the code then the other parties will make they do so by raising issues before the judge.

In terms of a formal clerkship, if you are truly interested in bankruptcy and don't want to do anything else, a bankruptcy court clerkship (in the district you want to practice) would be the best choice. The restructuring community is a relatively small community of lawyers and establishing contacts is essential. It will be much more useful to say that you've clerked for Judge Gonzalez (SDNY) over some district level judge who doesn't sit before any bankruptcy cases. Similarly, I would recommend clerking at the trial court level as opposed to the BAP. Comparing decisions from bankruptcy judges to non-bankruptcy judges, the bankruptcy judge's rulings are less likely to be appealed and thus you get greater experience at the trial court level than the appellate court.

In terms of general "prestige" I think your order is correct, but the bankruptcy community is less concerned about that and more concerned with practical experience. If you got a COA clerkship it would be very impressive, but you gain relatively little, to no practical information regarding bankruptcy law.

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Re: Biglaw Corporate Restructuring

Postby SemperLegal » Tue Apr 12, 2011 1:47 pm

alumniguy wrote:
A 1L gig as a bankruptcy court clerk is probably your best bet. It will show a real desire for restructuring work. From my experience, no one really cares what you do your 1L summer - certainly not in terms of prestige (because well, there aren't that many prestigious 1L summer experiences to be had).

I certainly would choose clerking over the U.S. Trustee's office. The Trustee's office is generally involved in every bankruptcy case, but their involvement is usually quite limited (especially in corporate restructurings). They generally sit on the sidelines and monitor the case to ensure that the case complies with the bankruptcy code. In most corporate bankruptcies (especially those where the debtor/creditors committee/etc. are represented by biglaw firms), the Trustee doesn't do much of anything. They may respond to a few motions here and there, but the big corporate bankruptcies are well run and if one side isn't complying with the code then the other parties will make they do so by raising issues before the judge.

In terms of a formal clerkship, if you are truly interested in bankruptcy and don't want to do anything else, a bankruptcy court clerkship (in the district you want to practice) would be the best choice. The restructuring community is a relatively small community of lawyers and establishing contacts is essential. It will be much more useful to say that you've clerked for Judge Gonzalez (SDNY) over some district level judge who doesn't sit before any bankruptcy cases. Similarly, I would recommend clerking at the trial court level as opposed to the BAP. Comparing decisions from bankruptcy judges to non-bankruptcy judges, the bankruptcy judge's rulings are less likely to be appealed and thus you get greater experience at the trial court level than the appellate court.

In terms of general "prestige" I think your order is correct, but the bankruptcy community is less concerned about that and more concerned with practical experience. If you got a COA clerkship it would be very impressive, but you gain relatively little, to no practical information regarding bankruptcy law.


Wow, thanks for the thoughtful answer, its very much appreciated.

abudaba
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Re: Biglaw Corporate Restructuring

Postby abudaba » Tue Apr 12, 2011 2:41 pm

SemperLegal wrote:Wow, thanks for the thoughtful answer, its very much appreciated.


+1

Great info for anyone interested in BK - thanks!




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