Kirkland Hits on '21' For Latest Bankruptcy Batch
The firm's high-powered bankruptcy practice has picked up two more notable Chapter 11 cases. Kirkland & Ellis is serving as lead counsel to teen fashion retailer Rue21 Inc. and 21st Century Oncology Inc., as well as energy industry manufacturer AFGlobal Corp., in their recent bankruptcy filings.
June 04, 2017 at 11:24 AM
24 minute read
Kirkland & Ellis, the nation's second-largest law firm when measured by gross revenue, can thank its high-powered bankruptcy practice for providing some added ballast to its already burgeoning bottom line.
The restructuring group soared last year by taking the lead on a surge in energy company bankruptcies, and while that industry has steadied in 2017, Kirkland has stepped up to advise clients in the ailing retail sector, picking up Chapter 11 assignments for fashion house BCBG Max Azria Group LLC and discount footwear company Payless ShoeSource Inc.
In mid-May, Kirkland picked up a role for Rue21 Inc. on its bankruptcy filing in Pittsburgh. On Friday, the firm and restructuring partner Jonathan Henes filed their application for employment as lead Chapter 11 counsel to the struggling Warrendale, Pennsylvania-based teen fashion retailer. The document states that Kirkland has received $950,000 in advance retainers from Rue21 and that partners will bill the debtor between $930 to $1,745 for their services, of counsel between $555 and $1,745 and associates at hourly rates ranging from $555 to $1,015.
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