The global legal market is seeing a number of significant developments in the areas of bankruptcy and insolvency. For example, many countries have overhauled their insolvency regimes to be more efficient and to increase returns for creditors. These initiatives have resulted in a reduction in the amount of time it takes for a company to reach Top Insolvency Firms and increase the likelihood that a firm will be restructured rather than liquidated (OECD, 2020).
In addition, a number of major firms are expanding their cross-border bankruptcy and restructuring practices. One example is the launch of a dedicated practice at Armstrong Teasdale, which features partners who have “appeared and practiced in virtually every federal jurisdiction” and who have handled some of the world’s largest bankruptcies and restructurings. The practice has experience in all aspects of domestic and cross-border insolvency, including advisory, transactional and contentious work. The practice has a particular focus on the automotive, food, manufacturing, financial services and real estate sectors.
Other firms that have expanded their bankruptcy and insolvency offerings include Cahill Gordon & Reindel, which has added more senior attorneys to its team of cross-border practitioners. This expansion includes the hires of former INSOL Europe cochairman James Conlan and partner Sue Moore, both of whom have substantial experience in complex international insolvency matters. The firm’s clients include banks, private equity funds, sovereign wealth funds and other investors.
Another firm that has seen a growth in its bankruptcy and insolvency offering is Shearman & Sterling, which has recently seen the hiring of senior attorney David Abrahams from Kirkland & Ellis, whose extensive experience includes all types of distressed M&A transactions and Chapter 11 cases. The firm also has deep expertise in cross-border bankruptcy and restructuring matters involving the oil and gas sector.
Several of these firms have been ranked by Global Restructuring Review’s 2022 edition of the GRR 100, which ranks law firms capable of handling cross-border restructuring and insolvency matters. The ranking is based on law firm responses to questionnaires that ask them to provide details on their firm’s history, notable cases and key individuals in the field. It is intended to highlight the most capable and experienced firms for insolvency and restructuring, as well as related matters such as banking and sovereign debt crises. The full list can be found on the GRR website.