Law Firms
Kirkland Vies With Weil Gotshal for Top Bankruptcy Reputation
Posted Jun 3, 2008, 10:02 am CST
By Martha Neil
When bankruptcy guru Martin Bienenstock announced last year that he was leaving Weil Gotshal & Manges for Dewey & LeBoeuf, the race was on.
His departure put other law firms, including Dewey & LeBoeuf, in a position to vie for the top bankruptcy reputation that for years had belonged to Weil Gotshal without question. Now Kirkland & Ellis has brought in many more big bankruptcy cases than Weil Gotshal during the first half of 2008, according to Bloomberg.
"The 1,316-lawyer firm, based in Chicago, is handling six of the 12 largest U.S. bankruptcies by debt, according to data compiled by Bloomberg News, including the $2.43 billion restructuring of casino operator Tropicana Entertainment LLC," the news agency reports. "Weil has none of them."
In the bankruptcy arena, "I always thought Weil Gotshal was the go-to firm," says law professor Nancy Rapoport, who teaches at the University of Nevada at Las Vegas. "Once Martin left, I think it was an opportunity for other firms going for a power grab."
Related coverage:
The Lawyer: "Latham reveals restructuring ardour"
Wall Street Journal Law Blog (2007): "Weil Gotshal Loses Bankruptcy Co-head"