Big Law bankruptcy lawyers are switching gears to do deals work because Chapter 11 filings have evaporated
Bankruptcy attorneys are taking on more transactions work amid the ongoing lull in Chapter 11 filings.This story is available exclusively to Insider subscribers.2021 has seen the lowest level of Chapter 11 filings in over a decade, according to S&P data.Bryan Cave, Sidley, and others have seen opportunities to scoop up key restructuring hires.
"We did find opportunities for some of our junior associates to pick up some additional work in our finance and corporate practices," said Frasher Murphy, who chairs Haynes and Boone's restructuring practice. The firm has 19 full-time restructuring lawyers across its offices, and none of them has been reassigned to different practice areas, Murphy said.
The early COVID-19 pandemic lockdowns that kept consumers at home led to spikes in bankruptcies in the retail, hospitality, and energy sectors. But by the end of 2020, government intervention provided some of the lifelines usually available only to companies in a Chapter 11 — namely, additional loans through the Paycheck Protection Program and pauses on commercial evictions. Coupled with low interest rates, those benefits have helped companies stave off bankruptcies.
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