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So . . . I work at one of the big bankruptcy shops. Third year associate coming off 2 year clerkship. Work in NYC. Work is slow as hell. Is this normal? 6 months ago it was busy as hell. Now it's dead. Like it's not just me too. I contacted my buddies and they feel the same. Cap markets and M&A is crazy busy and bankruptcy is just super slow right now. Do others feel this way? I mean it's weird. I'm used to being busy. I know bankruptcy is countercyclical but..........

Anonymous User wrote: ↑

Mon Apr 12, 2021 6:35 pm

So . . . I work at one of the big bankruptcy shops. Third year associate coming off 2 year clerkship. Work in NYC. Work is slow as hell. Is this normal? 6 months ago it was busy as hell. Now it's dead. Like it's not just me too. I contacted my buddies and they feel the same. Cap markets and M&A is crazy busy and bankruptcy is just super slow right now. Do others feel this way? I mean it's weird. I'm used to being busy. I know bankruptcy is countercyclical but..........

I'm not in bankruptcy (or even corporate), but doesn't this make a ton of sense? There's easy money at low rates and tons of investors looking for returns wherever they can find them (including "junk" bonds offered by companies in precarious positions). Sure, plenty of small businesses and restaurants have gone bankrupt, but what's the last big one that did--Brooks Brothers?

With the continuing unlimited QE and valuation bubble, any piece-of-shit company can get cheap money (you even see zero coupon convertible bonds out there now which is jack shit crazy). Just be patient, restructuring will pick up when the QE slows down / when the valuation bubble bursts so the convertible bonds holders are out-of-money / when the newly issued bonds are mature and these piece-of-shit companies realize they still can't pay back the principal or even the coupon. While a lot of bonds are mature in 2022/2023, shit may hit the fan sooner in the next one or two quarters.

And you can clearly tell from above how most of restructuring lawyers like me talk

Anonymous User wrote: ↑

Mon Apr 12, 2021 6:35 pm

So . . . I work at one of the big bankruptcy shops. Third year associate coming off 2 year clerkship. Work in NYC. Work is slow as hell. Is this normal? 6 months ago it was busy as hell. Now it's dead. Like it's not just me too. I contacted my buddies and they feel the same. Cap markets and M&A is crazy busy and bankruptcy is just super slow right now. Do others feel this way? I mean it's weird. I'm used to being busy. I know bankruptcy is countercyclical but..........

I'm also at one of the big shops--don't worry. This is the reverse of last year when cap markets/M&A were dead and BK was overwhelmed. A number of cases that would have filed in Q1 '21 accelerated to '20 b/c of the pandemic (and management freaking out), so the pipeline isn't as full, but it's building. The work will come.

Anonymous User wrote: ↑

Tue Apr 13, 2021 11:55 am

Anonymous User wrote: ↑

Mon Apr 12, 2021 6:35 pm

So . . . I work at one of the big bankruptcy shops. Third year associate coming off 2 year clerkship. Work in NYC. Work is slow as hell. Is this normal? 6 months ago it was busy as hell. Now it's dead. Like it's not just me too. I contacted my buddies and they feel the same. Cap markets and M&A is crazy busy and bankruptcy is just super slow right now. Do others feel this way? I mean it's weird. I'm used to being busy. I know bankruptcy is countercyclical but..........

I'm also at one of the big shops--don't worry. This is the reverse of last year when cap markets/M&A were dead and BK was overwhelmed. A number of cases that would have filed in Q1 '21 accelerated to '20 b/c of the pandemic (and management freaking out), so the pipeline isn't as full, but it's building. The work will come.

Assuming you are at the biggest of the shops, there was a lot of re-tooling of M&A associates to have them help with restructurings. Is the same happening to RX associates to help with SPACs?

[repeat post]

Anonymous User wrote: ↑

Tue Apr 13, 2021 12:33 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 11:55 am

Anonymous User wrote: ↑

Mon Apr 12, 2021 6:35 pm

So . . . I work at one of the big bankruptcy shops. Third year associate coming off 2 year clerkship. Work in NYC. Work is slow as hell. Is this normal? 6 months ago it was busy as hell. Now it's dead. Like it's not just me too. I contacted my buddies and they feel the same. Cap markets and M&A is crazy busy and bankruptcy is just super slow right now. Do others feel this way? I mean it's weird. I'm used to being busy. I know bankruptcy is countercyclical but..........

I'm also at one of the big shops--don't worry. This is the reverse of last year when cap markets/M&A were dead and BK was overwhelmed. A number of cases that would have filed in Q1 '21 accelerated to '20 b/c of the pandemic (and management freaking out), so the pipeline isn't as full, but it's building. The work will come.

Assuming you are at the biggest of the shops, there was a lot of re-tooling of M&A associates to have them help with restructurings. Is the same happening to RX associates to help with SPACs?

not the anon above, this is anon from the third post: yes.

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

I’m in bankruptcy at one of the big firms and on pace for a 3,000+ hour year, but I know others in my group are slow.

Anonymous User wrote: ↑

Tue Apr 13, 2021 9:39 pm

I’m in bankruptcy at one of the big firms and on pace for a 3,000+ hour year, but I know others in my group are slow.

You at one of the two large debtor firms? (KE/Weil)

Anonymous User wrote: ↑

Tue Apr 13, 2021 9:39 pm

I’m in bankruptcy at one of the big firms and on pace for a 3,000+ hour year, but I know others in my group are slow.

Just wondering out of curiosity, what are your weekly, monthly hours like? Grueling hours with no life from the start of the year with no breaks?

Anonymous User wrote: ↑

Tue Apr 13, 2021 10:05 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 9:39 pm

I’m in bankruptcy at one of the big firms and on pace for a 3,000+ hour year, but I know others in my group are slow.

Just wondering out of curiosity, what are your weekly, monthly hours like? Grueling hours with no life from the start of the year with no breaks?

I am at a non-KE/Weil V10. This year has basically been pretty steady ~65 hour weeks with some fluctuation. Basically just wake up and work till I sleep during the week with some weekend work. It’s not dissimilar to my experience in restructuring throughout a lot of my career tbh and I’d sort of gotten used to it, but at this point I’m feeling pretty burnt out.

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

Incoming summer at one of the creditor-side shops...sounds like I shouldn’t plan on getting to touch RX work? If there’s not a ton of billable work going around, what does RX BD look like - I know (e.g.) Weil has a restructuring blog but the other firms don’t.

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

Anonymous User wrote: ↑

Wed Apr 14, 2021 1:36 pm

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

What makes you convinced it's coming.

Anonymous User wrote: ↑

Thu Apr 15, 2021 9:58 am

Anonymous User wrote: ↑

Wed Apr 14, 2021 1:36 pm

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

What makes you convinced it's coming.

Add 1.5 years to whatever timeline you think is coming for filings. That's how it's been historically.

Anonymous User wrote: ↑

Thu Apr 15, 2021 11:07 am

Anonymous User wrote: ↑

Thu Apr 15, 2021 9:58 am

Anonymous User wrote: ↑

Wed Apr 14, 2021 1:36 pm

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

What makes you convinced it's coming.

Add 1.5 years to whatever timeline you think is coming for filings. That's how it's been historically.

Are you excited about this prospect given you work at Weil/KE? (not saying it's good to welcome misery or business failing - it simply is). What does this mean for you and for the firm? Asking because Im an incoming SA at one of those Weil/KE firms looking to get into BFR. Thank you!

Anonymous User wrote: ↑

Thu Apr 15, 2021 1:19 pm

Anonymous User wrote: ↑

Thu Apr 15, 2021 11:07 am

Anonymous User wrote: ↑

Thu Apr 15, 2021 9:58 am

Anonymous User wrote: ↑

Wed Apr 14, 2021 1:36 pm

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:45 pm

Yes, bankruptcy is very quiet. Wondering how the largest firms like K&E and Weil are coping with their 50+ associates in New York alone

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

What makes you convinced it's coming.

Add 1.5 years to whatever timeline you think is coming for filings. That's how it's been historically.

Are you excited about this prospect given you work at Weil/KE? (not saying it's good to welcome misery or business failing - it simply is). What does this mean for you and for the firm? Asking because Im an incoming SA at one of those Weil/KE firms looking to get into BFR. Thank you!

Just a heads up that calling restructuring “BFR” is exclusively a Weil thing.

Would associates at a big debtor shop (Weil/KE) be forced/expected to help out other corporate groups if Rx is slow? Could they help out litigation instead? I am joining one of these firms and have zero interest in corporate outside of restructuring.

Man from Nantucket wrote: ↑

Thu Apr 15, 2021 3:23 pm

Anonymous User wrote: ↑

Thu Apr 15, 2021 1:19 pm

Anonymous User wrote: ↑

Thu Apr 15, 2021 11:07 am

Anonymous User wrote: ↑

Thu Apr 15, 2021 9:58 am

Anonymous User wrote: ↑

Wed Apr 14, 2021 1:36 pm

Arca9 wrote: ↑

Wed Apr 14, 2021 12:20 pm

Anonymous User wrote: ↑

Tue Apr 13, 2021 1:47 pm

I know a lot of RX associates (even some more senior ones) are being temporarily repurposed into doing cap markets work

Rx mid-level here at one of the top creditor shops (DPW/PW/Milbank) - many, if not all of the midlevels here, have had to help out cap markets in some capacity.

I'm at a big Debtor shop (Weil/KE). It's slow. Slower than a herd of snails traveling through peanut butter. Don't worry my fellow bankruptcy associates, a big recession is coming

What makes you convinced it's coming.

Add 1.5 years to whatever timeline you think is coming for filings. That's how it's been historically.

Are you excited about this prospect given you work at Weil/KE? (not saying it's good to welcome misery or business failing - it simply is). What does this mean for you and for the firm? Asking because Im an incoming SA at one of those Weil/KE firms looking to get into BFR. Thank you!

Just a heads up that calling restructuring “BFR” is exclusively a Weil thing.

Ooooooooooo you've been busted. I'm not excited about the prospect. That was more facetious. But, having a good amount of work is good. That's how you get better. Having it slow is not good (unless you were so overworked that you need a break). It's good to find a middle ground.

Anonymous User wrote: ↑

Fri Apr 16, 2021 12:34 pm

Would associates at a big debtor shop (Weil/KE) be forced/expected to help out other corporate groups if Rx is slow? Could they help out litigation instead? I am joining one of these firms and have zero interest in corporate outside of restructuring.

Some associates will be moved to help out. Usually not the new ones.

Just heard rumors of KE NSP RX firings - can TLS confirm? Rumor suggested race based, but hoping that is just salacious.

Anonymous User wrote: ↑

Fri Apr 16, 2021 7:44 pm

Just heard rumors of KE NSP RX firings - can TLS confirm? Rumor suggested race based, but hoping that is just salacious.

Not surprising given KE nature