Thursday, July 30, 2020
Bloomberg: Demand for Corporate Bankruptcy lawyers surges (Michael Simkovic)
Large U.S. law firms are scrambling to address a ballooning need for bankruptcy and corporate restructuring expertise.
The Covid-19 pandemic has unleashed an unprecedented severity and speed of corporate distress, as Chapter 11 filings pile up and fire-sale assets garner interest. Law firms are scouring the field to hire experienced restructuring attorneys, counter to what has otherwise been a declining attorney job market.
Bankruptcy is a niche area where many law schools have few full time faculty and instead rely on adjuncts (Chicago, NYU, Columbia, and USC are exceptions in terms of having a reasonably deep bench in this area). With bankruptcy practitioners and judges overwhelmed with work, it may be difficult for schools that do not have full time bankruptcy faculty in place to meet student demand.
Update: Additional schools with relatively deep benches in bankruptcy include UCLA, Illinois, Texas, Georgetown, and Penn. Apologies for any omissions.