Most Highly Regarded Firms: Insolvency & Restructuring 2010

• August 2010

• Insolvency & Restructuring

We identify 424 expert insolvency and restructuring lawyers across 44 jurisdictions. Some of the leaders are highlighted here.

International Leaders

Who’s Who Legal’s 2010 insolvency and restructuring law firm of the year, Weil Gotshal & Manges LLP delivers another convincing performance in this year’s research, placing seven lawyers from offices throughout the US and Europe in the upper echelons of our rankings. Foremost among these names is the “superb” Marcia Goldstein, recipient of our lawyer of the year award in this discipline and head of the firm’s business finance and restructuring practice. Among her recent engagements, Goldstein has assisted AIG in various aspects of its restructuring, led the firm’s work for Kaupthing Bank during insolvency proceedings in Iceland and chapter 15 in the US, and served as lead counsel for General Growth Properties in its chapter 11 proceedings. Harvey Miller is a “legendary figure” in New York, having helped establish the firm’s insolvency group and acted for debtors in relation to the General Motors and Lehman Brothers cases. The “top flight” Stephen Karotkin and “outstanding” Alan Miller complete Weil Gotshal’s listings in New York, while Alfredo Pérez in Houston and Martin Sosland in Dallas attest to the firm’s strong Texas presence. Jean-Dominique Daudier de Cassini co-heads the restructuring practice in Paris, where he enjoys a “stellar reputation”.

Latham & Watkins LLP places eight professionals from five different offices in these pages. New York-based Jan Baker is global co-chair of the firm’s insolvency practice and a “top drawer” professional, according to peers. Robert Rosenberg is also highly regarded in New York, having handled numerous workouts for international financial players such as Deutsche Bank, Credit Suisse and Goldman Sachs. Chicago’s David Heller is the global chair of Latham’s finance department and has over 30 years of experience representing lenders in workouts and bankruptcy proceedings. Richard Levy is another “big name” in Chicago, while Michael Lurey and Robert Klyman in Los Angeles rank “among the best the West Coast has to offer”. John Houghton acts as global co-chair of the firm’s insolvency practice and is “very well thought of” by peers having acted for distressed investors and creditors in numerous high-profile restructurings, including British Energy, Eurotunnel, Lehman Brothers and Metronet. Hong Kong-based Simon Powell is one of the foremost litigators in this book.

Allen & Overy LLP enjoys a strong international reputation and places six lawyers from Europe, Asia and the US in these pages. London-based Ian Field is renowned throughout Europe for his “top tier” insolvency work, which has seen him act for financial institutions, bondholders and corporations. Global head of the firm’s restructuring group Gordon Stewart is a “big name” in London with a “wonderful reputation” worldwide, and currently acts as vice-head of INSOL International. Mark Sterling is the managing partner of A&O’s global restructuring and insolvency practice and has led such high-profile insolvencies as Boxclever, TXU and Metronet. Rob Abendroth in Amsterdam is a cross-border restructuring “expert” who also boasts extensive experience in securitisations, collateral arrangements and distressed debt trading. Ken Coleman in New York and David Kidd in Hong Kong demonstrate the firm’s strength in depth outside of Europe.

North America

The “excellent” Corinne Ball leads the global restructuring practice of Jones Day out of the New York office, where she also acts as co-head of the regional business restructuring and reorganisation team. Ball led the firm’s team in the chapter 11 reorganisation of Chrysler LLC and has recently acted in other high-profile restructurings for Axcelis Technologies, Kaiser Aluminum and Ocean Casino Cruise Lines. Kevyn Orr is a prominent litigator and expert in financial institution regulations whose “outstanding” bankruptcy work has seen him act for the likes of National Century Financial Enterprises and Laidlaw Corporation, as well as playing a key role in the Chrysler bankruptcy. Further representatives from the Cleveland and Los Angeles offices and two listings in London add to the firm’s strong presence in this edition.

Sally Neely from Sidley Austin LLP in Los Angeles is hailed as “one of the brightest insolvency minds in the country” by peers who admire her “brilliant” corporate workout and chapter 11 work. Kevin Lantry is also based in Los Angeles and comes highly recommended for his cross-border insolvency and chapter 11 work, having recently acted for Federal-Mogul Corporation and 156 of its affiliates in chapter 11 proceedings in the US and administration in the UK. Co-chair of the firm’s corporate reorganisation and bankruptcy group Larry Nyhan is a “big name” in Chicago, where he is joined by fellow co-chair James Conlan and senior counsel Bruce Bernstein. Patrick Corr represents the firm in London where he enjoys a “great reputation”, having acted for Enron in its UK administration proceedings.

The “very talented” Daniel Golden is head of Akin Gump Strauss Hauer & Feld LLP’s financial restructuring practice group in New York and partner in charge of the firm’s New York office, from which a further four Akin Gump partners are listed along with Charles Gibbs in Dallas. Dewey & LeBoeuf LLP’s Martin Bienenstock is another “first class” name in New York. Chair of the firm’s business solutions and governance department, Bienenstock’s practice combines corporate governance and dispute resolution with insolvency and reorganisation work and has seen him act as lead lawyer for General Motors in the Delphi Corporation chapter 11 case, as well as representing Enron, Republic Engineered Products and Calpine Generating in similar proceedings.

Richard Levin leads the restructuring practice in the corporate department of Cravath Swaine & Moore LLP and is “among New York’s best” according to peers. Levin recently represented Credit Suisse in the Chapter 11 cases of Lehman Brothers Holdings, the independent directors of General Motors Corporation, and various investors in the SIPC liquidation of Bernard L Madoff Investment Securities. New York is also home to Davis Polk & Wardwell LLP’s Donald Bernstein, who heads the firm’s insolvency team and has acted for lenders, banks and creditors committees in numerous restructuring and bankruptcy proceedings, including acting for Tribune Companies, Delphi, Syncora and Lehman Brothers.

Chicago also boasts some considerable talent in this area. Kirkland & Ellis LLP’s “fantastic” James Sprayregen is one of the most highly nominated lawyers in our global research and has represented clients in some of the largest recent restructuring matters and chapter 11 cases in the US, including Readers Digest Association, DBSD North America, MEGA Brands, Conseco and Japan Airlines.

Ogilvy Renault LLP achieves the highest number of listings in Canada with the Toronto and Montreal offices both featuring. Derrick Tay leads the firm’s insolvency and restructuring team and has “broad and in-depth” expertise in cross-border transactions, banking, environmental and shareholder matters. Tay has acted for the likes of Xerium Technologies, Bell Canada International, Delaware Street Capital and Cineplex Odeon Corporation. The firm fields a further three in Toronto along with the “technically excellent” Louis Gouin in Montreal, who counts Quebecor World and Mecachrome International among his clients.

Jay Carfagnini is a “top name” at Goodmans LLP’s Toronto office, from which he heads the firm’s corporate restructuring group and is joined by a further three “high quality” partners. Carfagnini specialises in complex cross-border insolvency and restructuring proceedings, particularly on the interplay between the Canadian, UK and US systems, and has participated in work for Nortel Networks, Air Canada and InterTAN Canada/Circuit City.

Europe

Freshfields Bruckhaus Deringer LLP has six lawyers from three European offices in this edition. Nick Segal is a “formidable practitioner” with “one of the best reputations in London” for cross-border restructurings and international bankruptcy proceedings, having also handled matters in the US, Asia, the Middle East and many jurisdictions throughout Europe. Ken Baird has recently been involved in the administration of Woolworths, Kaupthing Singer and Friedlander and XL Leisure Group as well as acting for Northern Rock during its restructuring, and peers were quick to praise his “excellent judgment”. Adam Gallagher and Neil Golding are also held in high esteem at the firm’s London headquarters while Hamburg’s Lars Westpfahl and Rome’s Raffaele Lener are recognised as “leading lights” in mainland Europe.

The London office of Clifford Chance LLP is home to three nominees. Mark Hyde has been the head of the firm’s bankrutpcy practice since 1998 and is held in high regard for his cross-border insolvency and restructuring work. The “great” Nicholas Frome advises banks and creditors in domestic and international restructurings as well as acting for office holders and creditors in overseas insolvency matters. Adrian Cohen specialises in non-contentious insolvency matters and is considered a “leading specialist”. The Paris office fields the “superb” Reinhard Dammann while Bartosz Kruzewski in Warsaw and Andrew Brozman in New York also rank in the “top tier”.

Patricia Godfrey heads the insolvency and restructuring team at Nabarro LLP and is described as “exceptional”. Godfrey’s recent engagements have included advising Lehman Brothers Japan on UK-related issues, acting for London Scottish Bank on its administration and representing the liquidators of a Madoff feeder fund. Stephen Gale of Herbert Smith LLP is another of London’s “leading” practitioners, earning praise for his insolvency and corporate recovery work throughout the UK and Asia. Gale’s client list includes Ernst & Young, JJB Sports, KPMG and London Underground and he is joined by fellow London partner Laurence Elliott.

Robert van Galen specialises in international insolvencies and restructurings from the Amsterdam office of NautaDutilh and is considered by one source to be this book’s “premier Dutch name”. Among van Galen’s recent engagements are restructuring and bankruptcy proceedings on behalf of Kroymans, Amtel-Vredestein, Fokker, Global Telesystems Europe, UPC and KPNQwest. Houthoff Buruma has two “fantastic” representatives in Amsterdam’s Rutger Schimmelpenninck and Rotterdam’s Marcel Windt, while sole practitioner Bob Wessels is also considered a “national leader”.

Other high performing Europeans include the “well regarded” Ole Borch of Bech-Bruun’s Copenhagen office whose insolvency practice encompasses media and entertainment law with a strong Russian focus. Michael Quinn of William Fry ranks “among Ireland’s best” according to peers, having advised Nortel Networks Ireland and Waterford Wedgwood Group in recent matters.

Asia Pacific

Patrick Ang heads the business finance and insolvency practice group at Rajah & Tann LLP and was praised for his work in high-profile insolvencies, restructurings and collapses such as Asia Pulp and Paper, SingTel and Vikay Industrial in recent years. Eng Beng Lee is another “big name” at the firm noted for his “first class” dispute resolution work. Andrew Chan is deputy head of Allen & Gledhill LLP’s corporate insolvency and restructuring practice group and a “luminary” of the Singapore insolvency bar according to peers.

Blake Dawson dominates the Australia listings, with four lawyers from Sydney and Melbourne making the cut, including “exceptional” Michael Sloan who participated in Waterford Wedgwood: Australia’s first international pre-pack insolvency. David Cowling of Clayton Utz comes recommended for his commercial litigation work, which covers insolvency, reconstruction and property enforcement and has seen him act for Lehman Brothers Australia, Allco and ABC Group in recent matters.

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