Lawyer Musical Chairs in Workouts Business:
2 Restructuring Lawyers Jump Shops
January 13, 2009, 6:48 pm
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As the economy and the still-mostly-stuck credit markets continue to batter companies, law firms are stocking up on their restructuring practices. And that means that more lawyers are jumping to rival firms.
The latest move came Monday when Michael Sage, the co-head of the restructuring team at O’Melveny & Myers, joined Dechert. Mr. Sage’s leap followed one last week by Cadwalader, Wickersham & Taft’s Bruce Zirinsky and John Bae to Greenberg Traurig.
As AmLawDaily points out, the past three months alone have seen some high-profile shifts in personnel. We reported on James H. M. Sprayregen’s return to Kirkland & Ellis from Goldman Sachs, where he helped lead the investment bank’s restructuring practice. And in November Luc Despins, the lawyer who represented the Lehman Brothers creditor committee at Milbank, Tweed, Hadley & McCloy, joined Paul, Hastings, Janofsky & Walker.
And in lawyer-to-banker news, Timothy Pohl, a co-head of Skadden, Arps, Slate, Meagher & Flom’s famous bankruptcy practice, decamped to the investment bank Lazard. (He joined David Kurtz, a former Skadden colleague, and Jim Milstein, formerly of Cleary, Gottlieb, Steen & Hamilton.)
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http://dealbook.blogs.nytimes.com/2009/01/13/2-restructuring-lawyers-jump-shops/