Big Law bankruptcy lawyers are switching gears to do deals work because Chapter 11 filings have evaporated
Stephen Selbst, partner and co-chair of Herrick's Restructuring & Finance Litigation Department, spoke to Business Insider about recent trends in bankruptcy and restructuring practices at major law firms given the record decline in Chapter 11 filings. The article highlighted, "The 334 corporate-bankruptcy cases led in the first nine months of 2021 mark the lowest level in the past 11 years, according to an S&P Global Market Intelligence report this month." The article also noted, however, a boom in mergers-and-acquisitions and capital-markets, as well as ongoing bankruptcies and out-of-court restructuring work.
Stephen said he is increasingly advising his clients on loans and hedge and swap transactions. He noted, "A lot of restructuring lawyers come out of what I call strong credit backgrounds."
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