“The absence of an international forum dealing with the resolution of sovereign debt problems has led to decisions being made across a wide range of institutional settings at the local level and at the expense of global coherence.”
Who’s Who Legal has brought together Constantinos Klissouras of KP Law Firm, Michael Pluta of Pluta Rechtsanwalts, Mark Traynor of A&L Goodbody and Donald Bernstein of Davis Polk & Wardwell to discuss the type and volume of work they have been seeing, the impact of possible rising interest rates, the trends for out-of-court or pre-packaged insolvencies and private equity involvement, and the legal market in their jurisdictions.
Fedra Valencia and Jaime Ruiz Rocamora of Cuatrecasas Gonçalves Pereira explore whether the treatment of secured creditors with guarntees in rem could be leading towards cramdown:
"Debt capitalisation and loan-to-own structures should play a major role in the years to come, without altering the common use of guarantees in rem as an additional protection for creditors."
Evan Flaschen and Renée Dailey of Bracewell & Giuliani explore the importance of being informed about non-US jurisdictions and counsel foreign investors to be aware of US jurisprudence.
"If your issuer is in Mexico, expect Mexican law to be respected. And if your subsidiaries are in the US, expect US law to govern. When in Rome…"
Our research, in association with Global Restructuring Review, identifies 540 lawyers from 289 firms across 46 countries as the world’s leading figures in insolvency and restructuring law.
This year, we identify 431 lawyers across 42 countries who are considered pre-eminent in the market for their bankruptcy and restructuring expertise. Bingham McCutchen remains at the forefront of the field in terms of number of listings, followed by Weil Gotshal & Manges. International heavyweights Freshfields Bruckhaus Deringer, DLA Piper and Jones Day all perform strongly, as does offshore firm Walkers.
We also single out the 10 most highly regarded individuals in the world according to the recommendations of peers and corporate counsel.
The insolvency and restructuring business remains slow-moving thanks to the improving economy and low interest rates. Lawyers note increased competition and a fight for the limited work available. But this period may soon be at an end as the global economy strengthens further and "coasting" companies are forced to take a hard look at their refinancing structures and debt plans.
In this section we identify the 17 firms and 10 individuals that stand out in our research for this edition.
Bingham McCutchen is “a key player in this discipline” with 12 of its lawyers recognised, more than any other firm. Close behind is "top bankuptcy firm" Weil Gotshal & Manges, which has nine practitioners selected for inclusion. "International giant" Jones Day fields seven individuals to this edition, demonstrating the strength of its insolvency and restructuring practice and Norton Rose Fulbright sees six of its practitioners highly nominated.
The worst global recession in generations has not produced the amount of insolvency work that was predicted. Even as entire countries go bankrupt, specialist lawyers report being nonplussed that the expected levels have not materialised and, after an initial blitz, work in many jurisdictions is scarce.
In this section we analyse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide.
With the benefit of over 15 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the insolvency and restructuring legal marketplace worldwide.
With the benefit of over 14 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the insolvency & restructuring legal marketplace worldwide.
In this section we anlayse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide.
Many of the lawyers we interviewed for this book were keen not to sound too upbeat when recounting their experiences in 2009. While corporate transaction levels remained low worldwide and the hardships caused by the financial crisis continued the majority of insolvency and restructuring lawyers we spoke to were managing levels of work “far beyond anything we’ve ever seen before”.
Click on the name of an expert below to view their profile. Experts shaded in blue have professional biographies in one or more practice areas.
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It is not possible to buy entry into any Who's Who Legal publication
Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.