Musical Chairs: Bankruptcy Lawyers on the Move
This is not the best time to be losing Bankruptcy rainmakers. But according to the ABA Journal, that is exactly what is happening to Kramer Levin Naftalis & Frankel. The three partners are: David Feldman, Eric Wise and Matthew Williams. David Feldman was formerly the co-chair of Kramer Levin’s bankruptcy group.
Gibson Dunn’s press release heralding the new hires reinforced the trio’s rainmaking capacity:
“This group has an established practice and a tremendous reputation in the distressed debt arena and will give Gibson Dunn a strong foundation in this growing area,” said Michael Rosenthal, Co-Chair of the Business Restructuring and Reorganization Practice Group.
Update (3:51): As many commenters pointed out, bankruptcy superstar Luc Despins is leaving Milbank for Paul Hastings. According to the National Law Journal:
Luc A. Despins, well-known in the profession for his representation of the creditors’ committee in the bankruptcy of Enron Corp., is the latest marquee name to be poached as firms rush to ramp up restructuring practices in response to the worsening economy.
According to our sources at Milbank, no associates will be leaving with Despins. The firm could not be reached for immediate comment.
Bankruptcy lawyers are the new IP attorneys. They’re very much in demand.
Kramer Levin Bankruptcy Trio Jumps Ship to Gibson Dunn [ABA Journal]
Top Milbank Bankruptcy Partner Leaves for Paul Hastings [Law.com]
Gibson Dunn Adds Three-Partner Bankruptcy and Distressed Debt Group in New York [Gibson Dunn]
(48) Comments
Comments
FIRST!!!!!!!!!!!! YOU KNOW IT!!! BOW DOWN!!!!!!!!!!!!
First!
third
.... crickets ....
Hell yeah, Gibby Dunn NYC.
GDC to V10 & 190K!
What about the Milbank move?
milbank move was bigger.
And still no coverage of the First Amendment vs "Hate Speech" case going on right now. I'm starting to detect a partisan bias at ATL:
http://www.latimes.com/news/printedition/california/la-me-palineffigy28-2008oct28,0,3849487.story
Heh.
-Weil bankruptcy associate
Did any associates go with Luc from Milbak to PH?? THIS IS MUCH BIGGER NEWS especially after Kirpalini left Milbank to Quinn last year.
What, pray tell, was the Milbank move?
There's nothing funnier than hanging someone in effigy. Unless its burning someonein effigy. Good stuff.
There's nothing funnier than hanging someone in effigy. Unless its burning someonein effigy. Good stuff.
9: what's the case? for that matter, what's the legal issue? Not cool, but hate speech is different from hate crime.
Well, at least they didn't carve a "B" in her face.
You know, "B"--for Barry Hussein Obama!
12, Milbank is losing Luc Despins, arguably their biggest bankruptcy name, to Paul Hastings. Despin led Milbank's creditors' committee work for Enron and is much bigger name than these Kramer Levin guys.
MysTTTal
GDC or C&B DC?
No post on Kilpatrick's sentencing?
http://www.youtube.com/watch?v=MpraJYnbVtE
The Ass of Cravath compells you to take pity on Skadden DC. We here at Cravath are taking up a collection for those poor poor poor souls.
Ass of Cravath
Ellie...are you fat enough to park in the handy spaces?
Are you fat enough to shop at the fat man store?
Are you fat enough that you need special handrails around your toilet?
Are you fat enough that they make you buy two airplane tickets?
Are you fat enough that your mom has to tie your shoes?
Gibson is one of the top firms and only getting better
i'm nervous about the crickets problem
nervous t-10 1L
Milbank is now officially FUCKED.
Despins leaving Milbank is not a surprise. He was demoted a few years ago and Dennis Dunne is now heading up the group. Luc's heir apparent, Susheel Kirplani left for Quinn last year, I think.
The Gibson move is sort of ho-hum. Remember, this is the firm that poached Rick Cieri only to see him go to K&E because GDC's bench was so weak. The trio from Kramer is a relatively weak group. GDC's top bankruptcy partner also died a few years ago. In other words, they are in rebuilding mode and are not a major player in restructuring work.
*wets pants because I'm a douche that is so fucked*
-nervous t10 1L
Milbank obviously couldn't afford to keep a star like that on board while they are suffering in this downturn. Not a good sign.
Does anybody think T18 grad Current Bankruptcy Clerks will be able to find jobs?
30 - yes. really good ones to.
31: I hope you are right.
27 is right. Despins was the star of that practice. But with Kirpliani leaving and Dunne taking over, this is not huge shocker. Bigger question is why Milbank didn't bend over backwards to keep Kirpliani and Despins.
Did Despins take anyone with him?
How good is Gibson's NYC office? Comparable to?
How good is Gibson's NYC office? Comparable to?
Gibson's NYC office is comparable to having sex with two chicks at the same time.
Best firm ever.
No one liked Luc, which is why he is leaving and taking no one with him.
Score for PHJW.
Despins is old news -- Dunne is the rainmaker.
40 = Dennis Dunne
Anyone have thoughts on DPW's bankruptcy group? I'm a 2L thinking of joining them.
42: I know some of the people there- super smart- I imagine good people to work with...if I recall did a bunch of the airline cases last bankruptcy go-around.
Error in the post: Feldman never was co-chair of KL's bankruptcy group. He was in charge of a subgroup, as the linked articles indicate.
The Despins article is also from the New York Law Journal, not the National.
Milbank is still gonna rake in 2 million bucks a month on Lehman. I doubt they are shaking in their boots.
44- Don't expect MysTTTal to actually read his source materials.
46 -- Milbank is most definitely shaking in their boots. Their strong bankruptcy group was the only thing setting them apart from firms like Thelen, and their main guy just walked out the door.
They were clearly unable to afford to keep him, which is further evidence of their weak position in this market.