Big Law firms are bolstering their bankruptcy practices as the odds of a recession increase. The top 100 firms hired nearly 120 restructuring lawyers in the second quarter, more than any such period in the past two years, when large bankruptcies hit historic lows, data from law firm and attorney analytics company Firm Prospects show.
Some of these firms are adding restructuring lawyers who handle creditor work as a hedge against a slumping economy. But at least one, Sidley Austin, is taking on the toughest task in Big Law’s bankruptcy business. It’s hiring to represent large companies in bankruptcies—a business that now goes to only a few select rivals.
