Friday, August 22, 2008

Hot and Sexy

Bankruptcy is.

A Weil Gotshal & Manges associate who switched from corporate to the bankruptcy group told New York magazine that bankruptcy is the "hot and sexy" practice area right now. Weil Gotshal's bankruptcy group is hiring 14 new associates, up 100% from last year. Seventy percent of summer associates chose a bankruptcy rotation up from 55% last year. The firm's business reorganiation practice handled more chapter 11 business reorganization cases than any other firm this year.

Hat tip to Prof. Steve Ross.

1 comment:

Beth Farmer said...

I agree with the WGM lawyer about the work. The big firms have always needed a deep bench, especially since corporate work can be cyclical - doing lots of deals one year, helping them reorganize a few years later.

It looks like personal bankruptcies are up, too, according to Harvard Prof. Elizabeth Warren in a new study by the Consumer Bankruptcy Project. The deomgraphics are interesting - the rate has fallen for people under 55 but increased dramatically for the older generation. Prof. Warren does not see a connection to greedy over-spending, either.