Most people equate “bankruptcy” with going broke, but businesspeople know better. Bankruptcy is just one phase in the corporate life cycle, and companies are willing to pay top-dollar to the legal experts who help them through the process. For a law firm, bankruptcy can be a critical practice area. It is, by definition, countercyclical. Much to the chagrin of creditors, there is a lot of money to be made by lawyers who specialize in bankruptcy.
So why are firms so seemingly reluctant to call their bankruptcy practice groups “Bankruptcy”? Are they really wary of public perception of the subject? Are their clients afraid? Is there a company or a client who said, “No, no, we’re not going ‘bankrupt,’ we’re just engaging in some forced financial restructuring under the threat of insolvency and breach of all contractual obligations.”
Above the Law took a look and found more than 20 variations in how major law firm brand their bankruptcy practice groups. Some examples:
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- Restructuring
- Financial Restructuring
- Corporate Restructuring
- Restructuring & Finance
- Corporate Mulligans & Financial Haircuts
- Restructuring, Bankruptcy & Creditors’ Rights
- Restructuring & Insolvency
Okay, one of those is fake. It turns out that one of the problems with finding a good bankruptcy practice is simply understanding what it is called. In any event, this evident branding confusion is unfortunate, because bankruptcy lawyers perform some of the most complex, creative, and important legal work out there.
Today we present the ATL Top Law Firm Bankruptcy Practices. We’re calling them “Bankruptcy” practices, because that’s what they do: service bankrupt or soon-to-be bankrupt clients. Let’s not sugarcoat it. These are the firms that keep the sharks at bay for distressed corporations, allowing them a fresh start. These firms are also making sure those sharks get their fair share in a more-or-less orderly and predictable way.
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The ATL Top Law Firm Bankruptcy Practices is sponsored by our friends at Thomson Reuters.