ATL's Top Law Firm Bankruptcy Practices

Today we present the ATL Top Bankruptcy Firms. Regardless of how they are branded by the firms themselves, we’re calling them “Bankruptcy” practices, because that’s what they do: service bankrupt or soon-to-be bankrupt clients. When a company is in distress, these are the go-to firms who can help them work toward a fresh start.

We’ve sorted the firms by weight class, based on the size of the practice group (not the firm as a whole). The heavyweights—and really only the heavyweights—enjoy the most lucrative work representing the major corporate debtors. The heavyweights also counsel the individual creditors, creditors committees, board members, lenders, investors, potential acquirors and all the others clamoring for a slice of debtor. But so do our middle- and welterweight firms: because Chapter 11 is nothing if not a massive legal job creator.

However, as has been eloquently explained by our in-house guru, Mark Herrmann, the practice of bankruptcy law is undergoing a sea change that may render the very premise of our rankings obsolete within a couple of years. The number of “traditional,” large-scale Chapter 11 restructurings is shrinking fast and the number of pre-negotiated restructurings are on the rise. Blame (or credit) the hedge funds. Hedge funds are increasingly buying the debt of distressed companies from the traditional creditors. These funds demand a quicker ROI than the glacial pace of Chapter 11 would ever allow. Thus huge opportunities are being created for nimbler, more aggressive, and less-likely-to-be-conflicted-out firms to step in and take the lead in sophisticated insolvency practice away from their larger and more established Biglaw peers.

Heavyweights

Heavyweight champ
Weil Gotshal

Claiming the belt in the heavyweight division is none other than bankruptcy powerhouse Weil, Gotshal & Manges LLP. Founded by the late Harvey Miller, universally recognized as a legend in the field, the firm’s bankruptcy practice has risen through the ranks to become one of the premier business restructuring firms in the world. Weil has practically written the book on financial restructuring.

The reach of Weil’s restructuring practice is truly global, with the firm’s bankruptcy lawyers handling matters in the U.S., Asia, the Middle East, and Europe. In addition to cross-border insolvency matters, Weil has been lead debtors’ counsel in five of the six largest bankruptcy filings in U.S. history. Weighing in with approximately 100 bankruptcy lawyers in 20 offices worldwide, the firm has the manpower necessary to handle pressing matters in every corner of the globe.

This integrated practice group has placed Weil’s bankruptcy attorneys at the top of the game and earned the firm the right to have a hand in the restructuring of some of the world’s most prominent companies. Weil’s list of bankruptcy clients is a virtual who’s who of the global marketplace, including the likes of Lehman Brothers, American Airlines, General Motors, Enron, Barclays, and MF Global.

No stranger to accolades, Weil has earned its reputation through its successful work in all aspects of insolvency matters. Representing debtors, creditors, and investors alike in Chapter 11, Chapter 9, and international insolvency cases, there is no aspect of financial restructuring that Weil can’t handle. With a stellar litigation department at its disposal, the firm also knows its way around a courtroom when high-stakes bankruptcy litigation matters arise.

When it comes to bankruptcy, Weil has defined the field. No matter how simple or complex the restructuring, the firm’s seamlessly integrated global insolvency practice is the go-to for proven results. This heavyweight will get the job done.

Welterweights

Welterweight champ
Perkins Coie

Leading the pack in the mid-size bankruptcy arena is Seattle-based Perkins Coie LLP. Having expanded beyond its Pacific Northwest roots to claim 19 offices in the U.S. and Asia, the firm's bankruptcy and restructuring practice group has become a globally recognized powerhouse in the field.

Well-versed in all aspects of distressed situations, Perkins Coie has the resources to handle any level of bankruptcy matter, from the simplest insolvency to the most complex corporate restructuring. Having represented creditors, debtors, and third parties, the firm is comfortable on both sides of the aisle. Led by David Neff, widely recognized as a major player in the restructuring field, the firm has had a hand in the bankruptcy matters of such corporate giants as Kmart Corporation, Frito-Lay Inc., The Quaker Oats Company, and Pepsico Inc.

Beyond public corporations, Perkins Coie has lent its bankruptcy expertise to federally insured financial institutions, asset-based lenders, pension fund administrators, commercial mortgage-backed securities special servicers, public debt holders, and trade creditors. When it comes to bankruptcy filings, reorganization strategizing, and out-of-court negotiations, the firm has the depth of experience necessary to handle reorganizations of any size.

The depth of Perkins Coie's corporate restructuring experience is rivaled only by its bankruptcy litigation skill. From state and federal trials to major appeals, the firm dominates the bankruptcy courtroom. Backed by a powerhouse litigation practice, Perkins Coie's restructuring group is adept at handling even the most tangential matters that may arise in a bankruptcy litigation, from breach of fiduciary duty to intellectual property. When it comes to bankruptcy appeals, the firm is no stranger to the main event, having appeared before the U.S. Supreme Court multiple times in high-profile cases.

Whether the case is big or small, and whether it calls for corporate filings or courtroom know-how, Perkins Coie has earned its reputation as one of the premier bankruptcy practices in the country.

Bantamweights

Bantamweight champ
Wachtell

Like any lightweight champ, the bankruptcy group at Wachtell, Lipton, Rosen & Katz is not to be underestimated. Lean and mean, the size of its practice group belies its depth of experience and skill in the restructuring arena.

Established by late firm founder Leonard Rosen, a recognized pioneer in the field, Wachtell’s bankruptcy practice was a major player in the 2008 U.S. mortgage crisis. Under Rosen, the firm racked up such major accomplishments as saving New York City from financial insolvency, handling the first billion-dollar Chapter 11 bankruptcy, and designing a rescue plan to guide the U.S. Treasury when Fannie Mae and Freddie Mac were mired in trillions of dollars in debt.

Specializing in out-of-court restructurings, Wachtell has a proven track record representing banks, insurance companies, hedge funds, and other creditors. With the help of a top-notch litigation department, the firm has also represented major corporations in national and multinational bankruptcy cases.