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From a lifestyle perspective yes. It takes us a lot longer to learn the Code and procedure though. I imagine we're more familiar with the debt/finance half of the practice, which may influence exit options to a degree. Not sure what one does after burning out as a pure debtor-side lawyer except maybe investment banking, which seems worse.BrainsyK wrote:Second serious question: is lender-side BK less brutal?
Love the random waves of recruiter emails pitching "CHAMBERS BAND 1 RANKED BFR GROUP". No idea how that group is fielding both those cases at once.Anonymous User wrote: I couldn't imagine working both on Sears and PG&E, and what ever other prestigious case Weil has right now. They also have a habit of ramping up the group body wise then stealth when the cases conclude.
I'm sure group dependent but at my firm, our litigators handle any serious trial/adversary proceeding work in addition to all the evidentiary stuff. Corporate group handles the formation of the reorganized company, any asset sales and exchange offers. I'm mostly creditor-side so we'll do the review of the debt docs before the thing files and then review/draft all the bankruptcy motions and documents. Debtor-side feels more M&A-ish in that they're holding the Company's hand throughout the whole process and just passing the ball to the relevant specialty groups. Also need to guide the Company through all the bankruptcy court shitLaLiLuLeLo wrote:Serious question - what do y’all do?
Where I’m at, the litigation group gets pulled in for filings. We, the corporate group, do the actual deal (whether it’s an asset sale, equity sale, debt for equity deal, etc.) I’ve never been sure what the restructuring people do.
Yeah everyone in the group is complaining that the partners need to hire more laterals, not realizing that once we finish these cases heads will roll. There’s definitely a few stragglers you already know are on the chopping blockAnonymous User wrote:What are you talking about dude. It is the best practice we have:
-Probably the most yellers out of any practice group. Bankruptcy partners are notorious assholes.
-Fire drills, fire drills, fire drills.
-Court approval and UST review of fees. Yes I have been yelled at over time entries.
-Dealing with horrible people on the creditor side.
I actually think it is better on the lender side. Some groups you are kind of a banking lawyer that sometimes does restructuring work.
I couldn't imagine working both on Sears and PG&E, and what ever other prestigious case Weil has right now. They also have a habit of ramping up the group body wise then stealth when the cases conclude.
Essentially this from the debtor side too. We keep the company from shitting a lung, make sure every one of our time entries is exquisitely delumped and detailed, and boss the tax, banking, litigation, and m&a teams aroundAnonymous User wrote:I'm sure group dependent but at my firm, our litigators handle any serious trial/adversary proceeding work in addition to all the evidentiary stuff. Corporate group handles the formation of the reorganized company, any asset sales and exchange offers. I'm mostly creditor-side so we'll do the review of the debt docs before the thing files and then review/draft all the bankruptcy motions and documents. Debtor-side feels more M&A-ish in that they're holding the Company's hand throughout the whole process and just passing the ball to the relevant specialty groups. Also need to guide the Company through all the bankruptcy court shitLaLiLuLeLo wrote:Serious question - what do y’all do?
Where I’m at, the litigation group gets pulled in for filings. We, the corporate group, do the actual deal (whether it’s an asset sale, equity sale, debt for equity deal, etc.) I’ve never been sure what the restructuring people do.
tl;dr - We are B- litigators and B- corporate lawyers
Kind of depends on the workstream/phase. The bankers generally do a better job of tracking the industry and keeping tabs on certain names so they usually come into the situation with more background. Rx lawyers generally drive the process in the lead up to a filing and playing offense and defense in court. Bankers and corporate/finance lawyers do most of the heavy lifting as company prepares for exit (re-creating the new company, dealing with securities, setting up exit financing, related valuation issues and allocations etc..).Anonymous User wrote:I am really curious how you rx lawyers work with rx bankers? I am in law school but will be joining an Rx EB. In M&As bankers take the lead, but I can imagine it will the opposite for restructuring right?
Main difference is that it's much faster and you have another set of procedural rules. Most bk litigation/adversary proceedings fall into well-known buckets so the scope of legal research/discovery isn't as broad. Most biglaw practices rely on their litigators to carry a lot of the water though if shit ever hits the fan.RedPurpleBlue wrote:What is BK litigation like? As someone interested in corporate, BK has a very real appeal to me. It sounds incredibly interesting, but the idea of traditional litigation was never my cup of tea.
Could you point me to a good BK brief on Lexis/Westlaw/elsewhere that I could look up to see if the writing/issues generally interest me? I'm just trying to figure out if I really dislike litigation or just really was not remotely interested in the topics we had for legal writing briefs (employment issues, criminal law concepts, ICK) or in litigation in general. I don't mind the oral advocacy part at all, so that's good at least.Anonymous User wrote:Main difference is that it's much faster and you have another set of procedural rules. Most bk litigation/adversary proceedings fall into well-known buckets so the scope of legal research/discovery isn't as broad. Most biglaw practices rely on their litigators to carry a lot of the water though if shit ever hits the fan.RedPurpleBlue wrote:What is BK litigation like? As someone interested in corporate, BK has a very real appeal to me. It sounds incredibly interesting, but the idea of traditional litigation was never my cup of tea.
Where did they land? PM me.Anonymous User wrote:Another Weil BFR associate quit today, they are dropping like flies since bonuses got paid out at end of January
One went to do consulting at BCG, one went to another firm.jarofsoup wrote:Where did they land? PM me.Anonymous User wrote:Another Weil BFR associate quit today, they are dropping like flies since bonuses got paid out at end of January
Thank you! This is genuinely very helpful.Anonymous User wrote:I'm a mid-level at one of the big debtor shops. What a junior does depends on what stage of the case we're in, and the below tasks can sometimes occur in a little as 4 months if we have a deal or up to a year if we file without one. Prior to a filing, this means diligence: reviewing every aspect of a company's operations/debt docs/capital structure/etc... So, for example, a junior might put together a corp/cap structure chart, research case law regarding potential issues later in the case and draft memos, coordinate conference calls among the company, advisors, and creditor groups, and respond to diligence requests from various parties. Basically, anything that needs to get done to prep the company.
As a potential petition date gets closer, juniors take the lead on drafting the various first-day motions: this entails drafting the doc, which includes getting diligence from the company and advisors on the ground necessary to request the relief. They might also take the lead drafting the various financing/sale motions. Depending on the size of the company, this could be a large undertaking or very large undertaking. These drafts then get passed up the chain for comments to more mid-level/senior associates before making their way to the partners. This process occurs in various iterations and doesn't stop until the motion is, quite literally, ready for filing. Juniors will also draft various board update presentations, and then ultimately a presentation authorizing the filing.
On the actual filing date, everyone is scrambling to make sure everything is in order to file the company: first day motions, board resolutions, petitions, financing, sale/bid procedures etc... Depending on the size of the company, this is either a very long night or an all-nighter. After everything is on file, juniors will make sure that the senior associates/partners are prepared for the first day hearing the following day, so drafting summaries of the key points in the first-days, researching a random provision in a case, whatever else needs to be done.
Immediately after the filing, there's a brief lull, but then we're back at it drafting second day motions, negotiating with the UCC if one's been formed, and, depending on whether we filed with a deal, either hammering out the details of the plan or negotiating with all the major constituencies on what a successful plan looks like. Juniors don't have much of a role on the deal side other than as support for what the mid-level/seniors/partners need, so again, this is anything from drafting presentations, researching case law, writing memos, etc... During the case, all sorts of random workstreams pop up that juniors take an active role in: in a retail case, they may be working directly with landlords, responding to various creditor inquiries, interacting with utility providers, and dealing with random contract issues (unless they're central to the case). We also work with the company to make sure they understand what they can/can't do or pay while in chapter 11. We'll also file other operational motions based on what the case requires (incentive plans, operational motions--365(d)(4), exclusivity--asset sales).
Once a case is filed, there are two major milestones: filing/obtaining approval of the disclosure statement, and confirmation. The lead up to these two events can be just as hectic as a filing, instead this time various stakeholders may not be on board, so we're dealing with live objections. Juniors will research the case law (e.g., does the DS satisfy 1125, is the plan patently unconfirmable, is there a disparate treatment issue) that may/not make it into the replys/briefs that we file. The major creditor constituencies (who are likely going to be the new owners) have significant consent rights over the DS and the plan, so part of a junior's task may be to manage the tsunami of comments that come in from all angles, then passing them up to mids/seniors who decide what gets in and what gets cut. Depending on what comment gets cut, this could spark major contention among the parties.
Commonly, things happen in bankruptcy that never make it into reported opinions, so we rely heavily on precedent (a common task for a junior may be to research the last X cases in [District] on what some random provisions said on a particular topic and put the results into a table/memo/other easily digestible format).
After confirmation, everyone's attentions turns to emergence, and the various specialty groups (corp/debt fin/tax) take a more active role. BK's role is to manage the process and make sure things are progressing toward emergence. A junior here will likely take the lead on drafting an emergence checklist, which outlines all the various tasks that need to be done in order to emerge. This, again, may get passed around to the various specialty groups and creditor constituencies for comments, but this isn't as painful. One other workstream a junior may take on is claims objections: basically, objecting to filed claims for various reasons (filed two claims, filed against the wrong debtor, no supporting docs), and this can last well past confirmation/emergence.
We'll also support the various specialty groups (mostly lit, especially if there's an adversary proceeding).
Oh, and time entry, the worst part. Every time a corp associate enters "Attention to deal," a junior is tasked with revising, otherwise, the U.S. Trustee/court/fee examiner will flag it and push for a write off.
Truly awesome post, thank you!!!Anonymous User wrote:I'm a mid-level at one of the big debtor shops. What a junior does depends on what stage of the case we're in, and the below tasks can sometimes occur in a little as 4 months if we have a deal or up to a year if we file without one. Prior to a filing, this means diligence: reviewing every aspect of a company's operations/debt docs/capital structure/etc... So, for example, a junior might put together a corp/cap structure chart, research case law regarding potential issues later in the case and draft memos, coordinate conference calls among the company, advisors, and creditor groups, and respond to diligence requests from various parties. Basically, anything that needs to get done to prep the company.
As a potential petition date gets closer, juniors take the lead on drafting the various first-day motions: this entails drafting the doc, which includes getting diligence from the company and advisors on the ground necessary to request the relief. They might also take the lead drafting the various financing/sale motions. Depending on the size of the company, this could be a large undertaking or very large undertaking. These drafts then get passed up the chain for comments to more mid-level/senior associates before making their way to the partners. This process occurs in various iterations and doesn't stop until the motion is, quite literally, ready for filing. Juniors will also draft various board update presentations, and then ultimately a presentation authorizing the filing.
On the actual filing date, everyone is scrambling to make sure everything is in order to file the company: first day motions, board resolutions, petitions, financing, sale/bid procedures etc... Depending on the size of the company, this is either a very long night or an all-nighter. After everything is on file, juniors will make sure that the senior associates/partners are prepared for the first day hearing the following day, so drafting summaries of the key points in the first-days, researching a random provision in a case, whatever else needs to be done.
Immediately after the filing, there's a brief lull, but then we're back at it drafting second day motions, negotiating with the UCC if one's been formed, and, depending on whether we filed with a deal, either hammering out the details of the plan or negotiating with all the major constituencies on what a successful plan looks like. Juniors don't have much of a role on the deal side other than as support for what the mid-level/seniors/partners need, so again, this is anything from drafting presentations, researching case law, writing memos, etc... During the case, all sorts of random workstreams pop up that juniors take an active role in: in a retail case, they may be working directly with landlords, responding to various creditor inquiries, interacting with utility providers, and dealing with random contract issues (unless they're central to the case). We also work with the company to make sure they understand what they can/can't do or pay while in chapter 11. We'll also file other operational motions based on what the case requires (incentive plans, operational motions--365(d)(4), exclusivity--asset sales).
Once a case is filed, there are two major milestones: filing/obtaining approval of the disclosure statement, and confirmation. The lead up to these two events can be just as hectic as a filing, instead this time various stakeholders may not be on board, so we're dealing with live objections. Juniors will research the case law (e.g., does the DS satisfy 1125, is the plan patently unconfirmable, is there a disparate treatment issue) that may/not make it into the replys/briefs that we file. The major creditor constituencies (who are likely going to be the new owners) have significant consent rights over the DS and the plan, so part of a junior's task may be to manage the tsunami of comments that come in from all angles, then passing them up to mids/seniors who decide what gets in and what gets cut. Depending on what comment gets cut, this could spark major contention among the parties.
Commonly, things happen in bankruptcy that never make it into reported opinions, so we rely heavily on precedent (a common task for a junior may be to research the last X cases in [District] on what some random provisions said on a particular topic and put the results into a table/memo/other easily digestible format).
After confirmation, everyone's attentions turns to emergence, and the various specialty groups (corp/debt fin/tax) take a more active role. BK's role is to manage the process and make sure things are progressing toward emergence. A junior here will likely take the lead on drafting an emergence checklist, which outlines all the various tasks that need to be done in order to emerge. This, again, may get passed around to the various specialty groups and creditor constituencies for comments, but this isn't as painful. One other workstream a junior may take on is claims objections: basically, objecting to filed claims for various reasons (filed two claims, filed against the wrong debtor, no supporting docs), and this can last well past confirmation/emergence.
We'll also support the various specialty groups (mostly lit, especially if there's an adversary proceeding).
Oh, and time entry, the worst part. Every time a corp associate enters "Attention to deal," a junior is tasked with revising, otherwise, the U.S. Trustee/court/fee examiner will flag it and push for a write off.
Not this poster, but typically to other large firms, sometimes to funds.Anonymous User wrote:Truly awesome post, thank you!!!Anonymous User wrote:I'm a mid-level at one of the big debtor shops. What a junior does depends on what stage of the case we're in, and the below tasks can sometimes occur in a little as 4 months if we have a deal or up to a year if we file without one. Prior to a filing, this means diligence: reviewing every aspect of a company's operations/debt docs/capital structure/etc... So, for example, a junior might put together a corp/cap structure chart, research case law regarding potential issues later in the case and draft memos, coordinate conference calls among the company, advisors, and creditor groups, and respond to diligence requests from various parties. Basically, anything that needs to get done to prep the company.
As a potential petition date gets closer, juniors take the lead on drafting the various first-day motions: this entails drafting the doc, which includes getting diligence from the company and advisors on the ground necessary to request the relief. They might also take the lead drafting the various financing/sale motions. Depending on the size of the company, this could be a large undertaking or very large undertaking. These drafts then get passed up the chain for comments to more mid-level/senior associates before making their way to the partners. This process occurs in various iterations and doesn't stop until the motion is, quite literally, ready for filing. Juniors will also draft various board update presentations, and then ultimately a presentation authorizing the filing.
On the actual filing date, everyone is scrambling to make sure everything is in order to file the company: first day motions, board resolutions, petitions, financing, sale/bid procedures etc... Depending on the size of the company, this is either a very long night or an all-nighter. After everything is on file, juniors will make sure that the senior associates/partners are prepared for the first day hearing the following day, so drafting summaries of the key points in the first-days, researching a random provision in a case, whatever else needs to be done.
Immediately after the filing, there's a brief lull, but then we're back at it drafting second day motions, negotiating with the UCC if one's been formed, and, depending on whether we filed with a deal, either hammering out the details of the plan or negotiating with all the major constituencies on what a successful plan looks like. Juniors don't have much of a role on the deal side other than as support for what the mid-level/seniors/partners need, so again, this is anything from drafting presentations, researching case law, writing memos, etc... During the case, all sorts of random workstreams pop up that juniors take an active role in: in a retail case, they may be working directly with landlords, responding to various creditor inquiries, interacting with utility providers, and dealing with random contract issues (unless they're central to the case). We also work with the company to make sure they understand what they can/can't do or pay while in chapter 11. We'll also file other operational motions based on what the case requires (incentive plans, operational motions--365(d)(4), exclusivity--asset sales).
Once a case is filed, there are two major milestones: filing/obtaining approval of the disclosure statement, and confirmation. The lead up to these two events can be just as hectic as a filing, instead this time various stakeholders may not be on board, so we're dealing with live objections. Juniors will research the case law (e.g., does the DS satisfy 1125, is the plan patently unconfirmable, is there a disparate treatment issue) that may/not make it into the replys/briefs that we file. The major creditor constituencies (who are likely going to be the new owners) have significant consent rights over the DS and the plan, so part of a junior's task may be to manage the tsunami of comments that come in from all angles, then passing them up to mids/seniors who decide what gets in and what gets cut. Depending on what comment gets cut, this could spark major contention among the parties.
Commonly, things happen in bankruptcy that never make it into reported opinions, so we rely heavily on precedent (a common task for a junior may be to research the last X cases in [District] on what some random provisions said on a particular topic and put the results into a table/memo/other easily digestible format).
After confirmation, everyone's attentions turns to emergence, and the various specialty groups (corp/debt fin/tax) take a more active role. BK's role is to manage the process and make sure things are progressing toward emergence. A junior here will likely take the lead on drafting an emergence checklist, which outlines all the various tasks that need to be done in order to emerge. This, again, may get passed around to the various specialty groups and creditor constituencies for comments, but this isn't as painful. One other workstream a junior may take on is claims objections: basically, objecting to filed claims for various reasons (filed two claims, filed against the wrong debtor, no supporting docs), and this can last well past confirmation/emergence.
We'll also support the various specialty groups (mostly lit, especially if there's an adversary proceeding).
Oh, and time entry, the worst part. Every time a corp associate enters "Attention to deal," a junior is tasked with revising, otherwise, the U.S. Trustee/court/fee examiner will flag it and push for a write off.
On another note, where do you see associates from your big debtor shop go?
My best attempt to break down how you'll spend a bankruptcy rotation at DPW, which is where I'm assuming you're at based on the description unless Latham is really V5 now:Anonymous User wrote:I am considering asking for a rotation in my firm's (a V5) Restructuring practice. I didn't get a chance to do any work with that group when I was there as a summer, but I enjoyed my bankruptcy law classes in law school. I just have trouble seeing what the actual, day-to-day work of a junior associate in that group will be.
People here use lots of metaphors like "playing offense and defense in court" and "keep the company from shitting a lung" and "passing the ball to the relevant specialty groups" and "need to guide the Company through all the bankruptcy court shit" -- but unless you already know what these phrases are glosses for, they're not actually helpful. I know it's kind of tedious to write up, but is anyone willing to write up a brief snapshot of your actual tasks, on a given day, as a junior associate in a Restructuring group (e.g., "research relevant provisions from the Bankruptcy Code and discuss with senior associate" or "file paperwork", or etc)?
thanks in advance!
will try to summarize from the creditor sideAnonymous User wrote:Truly awesome post, thank you!!!Anonymous User wrote:I'm a mid-level at one of the big debtor shops. What a junior does depends on what stage of the case we're in, and the below tasks can sometimes occur in a little as 4 months if we have a deal or up to a year if we file without one. Prior to a filing, this means diligence: reviewing every aspect of a company's operations/debt docs/capital structure/etc... So, for example, a junior might put together a corp/cap structure chart, research case law regarding potential issues later in the case and draft memos, coordinate conference calls among the company, advisors, and creditor groups, and respond to diligence requests from various parties. Basically, anything that needs to get done to prep the company.
As a potential petition date gets closer, juniors take the lead on drafting the various first-day motions: this entails drafting the doc, which includes getting diligence from the company and advisors on the ground necessary to request the relief. They might also take the lead drafting the various financing/sale motions. Depending on the size of the company, this could be a large undertaking or very large undertaking. These drafts then get passed up the chain for comments to more mid-level/senior associates before making their way to the partners. This process occurs in various iterations and doesn't stop until the motion is, quite literally, ready for filing. Juniors will also draft various board update presentations, and then ultimately a presentation authorizing the filing.
On the actual filing date, everyone is scrambling to make sure everything is in order to file the company: first day motions, board resolutions, petitions, financing, sale/bid procedures etc... Depending on the size of the company, this is either a very long night or an all-nighter. After everything is on file, juniors will make sure that the senior associates/partners are prepared for the first day hearing the following day, so drafting summaries of the key points in the first-days, researching a random provision in a case, whatever else needs to be done.
Immediately after the filing, there's a brief lull, but then we're back at it drafting second day motions, negotiating with the UCC if one's been formed, and, depending on whether we filed with a deal, either hammering out the details of the plan or negotiating with all the major constituencies on what a successful plan looks like. Juniors don't have much of a role on the deal side other than as support for what the mid-level/seniors/partners need, so again, this is anything from drafting presentations, researching case law, writing memos, etc... During the case, all sorts of random workstreams pop up that juniors take an active role in: in a retail case, they may be working directly with landlords, responding to various creditor inquiries, interacting with utility providers, and dealing with random contract issues (unless they're central to the case). We also work with the company to make sure they understand what they can/can't do or pay while in chapter 11. We'll also file other operational motions based on what the case requires (incentive plans, operational motions--365(d)(4), exclusivity--asset sales).
Once a case is filed, there are two major milestones: filing/obtaining approval of the disclosure statement, and confirmation. The lead up to these two events can be just as hectic as a filing, instead this time various stakeholders may not be on board, so we're dealing with live objections. Juniors will research the case law (e.g., does the DS satisfy 1125, is the plan patently unconfirmable, is there a disparate treatment issue) that may/not make it into the replys/briefs that we file. The major creditor constituencies (who are likely going to be the new owners) have significant consent rights over the DS and the plan, so part of a junior's task may be to manage the tsunami of comments that come in from all angles, then passing them up to mids/seniors who decide what gets in and what gets cut. Depending on what comment gets cut, this could spark major contention among the parties.
Commonly, things happen in bankruptcy that never make it into reported opinions, so we rely heavily on precedent (a common task for a junior may be to research the last X cases in [District] on what some random provisions said on a particular topic and put the results into a table/memo/other easily digestible format).
After confirmation, everyone's attentions turns to emergence, and the various specialty groups (corp/debt fin/tax) take a more active role. BK's role is to manage the process and make sure things are progressing toward emergence. A junior here will likely take the lead on drafting an emergence checklist, which outlines all the various tasks that need to be done in order to emerge. This, again, may get passed around to the various specialty groups and creditor constituencies for comments, but this isn't as painful. One other workstream a junior may take on is claims objections: basically, objecting to filed claims for various reasons (filed two claims, filed against the wrong debtor, no supporting docs), and this can last well past confirmation/emergence.
We'll also support the various specialty groups (mostly lit, especially if there's an adversary proceeding).
Oh, and time entry, the worst part. Every time a corp associate enters "Attention to deal," a junior is tasked with revising, otherwise, the U.S. Trustee/court/fee examiner will flag it and push for a write off.
On another note, where do you see associates from your big debtor shop go?
Really surprised by the BCG one. How could he/she manage to pull it off? I heard case interview is pretty difficult and it takes a lot time to prepare.Anonymous User wrote:One went to do consulting at BCG, one went to another firm.jarofsoup wrote:Where did they land? PM me.Anonymous User wrote:Another Weil BFR associate quit today, they are dropping like flies since bonuses got paid out at end of January
Even for those coming from debtor firms? I'm concerned that Weil and Kirkland's control of debtor BK work will limit where those associates can go. Will a lender side firm hired a person who has mostly/exclusively done debtor work?Anonymous User wrote:Not this poster, but typically to other large firms, sometimes to funds.Anonymous User wrote:Truly awesome post, thank you!!!Anonymous User wrote:I'm a mid-level at one of the big debtor shops. What a junior does depends on what stage of the case we're in, and the below tasks can sometimes occur in a little as 4 months if we have a deal or up to a year if we file without one. Prior to a filing, this means diligence: reviewing every aspect of a company's operations/debt docs/capital structure/etc... So, for example, a junior might put together a corp/cap structure chart, research case law regarding potential issues later in the case and draft memos, coordinate conference calls among the company, advisors, and creditor groups, and respond to diligence requests from various parties. Basically, anything that needs to get done to prep the company.
As a potential petition date gets closer, juniors take the lead on drafting the various first-day motions: this entails drafting the doc, which includes getting diligence from the company and advisors on the ground necessary to request the relief. They might also take the lead drafting the various financing/sale motions. Depending on the size of the company, this could be a large undertaking or very large undertaking. These drafts then get passed up the chain for comments to more mid-level/senior associates before making their way to the partners. This process occurs in various iterations and doesn't stop until the motion is, quite literally, ready for filing. Juniors will also draft various board update presentations, and then ultimately a presentation authorizing the filing.
On the actual filing date, everyone is scrambling to make sure everything is in order to file the company: first day motions, board resolutions, petitions, financing, sale/bid procedures etc... Depending on the size of the company, this is either a very long night or an all-nighter. After everything is on file, juniors will make sure that the senior associates/partners are prepared for the first day hearing the following day, so drafting summaries of the key points in the first-days, researching a random provision in a case, whatever else needs to be done.
Immediately after the filing, there's a brief lull, but then we're back at it drafting second day motions, negotiating with the UCC if one's been formed, and, depending on whether we filed with a deal, either hammering out the details of the plan or negotiating with all the major constituencies on what a successful plan looks like. Juniors don't have much of a role on the deal side other than as support for what the mid-level/seniors/partners need, so again, this is anything from drafting presentations, researching case law, writing memos, etc... During the case, all sorts of random workstreams pop up that juniors take an active role in: in a retail case, they may be working directly with landlords, responding to various creditor inquiries, interacting with utility providers, and dealing with random contract issues (unless they're central to the case). We also work with the company to make sure they understand what they can/can't do or pay while in chapter 11. We'll also file other operational motions based on what the case requires (incentive plans, operational motions--365(d)(4), exclusivity--asset sales).
Once a case is filed, there are two major milestones: filing/obtaining approval of the disclosure statement, and confirmation. The lead up to these two events can be just as hectic as a filing, instead this time various stakeholders may not be on board, so we're dealing with live objections. Juniors will research the case law (e.g., does the DS satisfy 1125, is the plan patently unconfirmable, is there a disparate treatment issue) that may/not make it into the replys/briefs that we file. The major creditor constituencies (who are likely going to be the new owners) have significant consent rights over the DS and the plan, so part of a junior's task may be to manage the tsunami of comments that come in from all angles, then passing them up to mids/seniors who decide what gets in and what gets cut. Depending on what comment gets cut, this could spark major contention among the parties.
Commonly, things happen in bankruptcy that never make it into reported opinions, so we rely heavily on precedent (a common task for a junior may be to research the last X cases in [District] on what some random provisions said on a particular topic and put the results into a table/memo/other easily digestible format).
After confirmation, everyone's attentions turns to emergence, and the various specialty groups (corp/debt fin/tax) take a more active role. BK's role is to manage the process and make sure things are progressing toward emergence. A junior here will likely take the lead on drafting an emergence checklist, which outlines all the various tasks that need to be done in order to emerge. This, again, may get passed around to the various specialty groups and creditor constituencies for comments, but this isn't as painful. One other workstream a junior may take on is claims objections: basically, objecting to filed claims for various reasons (filed two claims, filed against the wrong debtor, no supporting docs), and this can last well past confirmation/emergence.
We'll also support the various specialty groups (mostly lit, especially if there's an adversary proceeding).
Oh, and time entry, the worst part. Every time a corp associate enters "Attention to deal," a junior is tasked with revising, otherwise, the U.S. Trustee/court/fee examiner will flag it and push for a write off.
On another note, where do you see associates from your big debtor shop go?
Creditor-side midlevel. Kind of depends on seniority and experience. Debtor-side work is more profitable so even most creditor-leaning firms like having a handful of debtor representations going at any time. But if you were one of those associates that failed to graduate to managing workstreams (e.g., associate #5 assigned to reviewing bill, only ever worked on assorted first days, etc..) then I imagine it's harder to pitch yourself to a firm that doesn't staff cases the same way. Not meant as a knock against either Weil/Kirkland. Having so many debtor matters going on at once forces the group to be very machine-like. Lends itself to associates sitting in discrete assignment silos.Anonymous User wrote:Even for those coming from debtor firms? I'm concerned that Weil and Kirkland's control of debtor BK work will limit where those associates can go. Will a lender side firm hired a person who has mostly/exclusively done debtor work?Anonymous User wrote: Not this poster, but typically to other large firms, sometimes to funds.