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The market for restructuring and bankruptcy attorneys on both sides of the Atlantic has hit full stride, with notable moves announced by  Paul, Weiss, Rifkind, Wharton & Garrison; O'Melveny & Myers; Faegre Drinker Biddle & Reath; and Ropes & Gray, all in the last week.

Paul Weiss on Monday announced the addition of former Latham & Watkins restructuring partner Andrew Parlen in New York, keeping up the pace after a short weekend lull.

Last week alone, O'Melveny added former Kramer, Levin, Naftalis & Frankel restructuring partner Adam Rogoff, Faegre Drinker snapped up former Sidley Austin global restructuring head James Conlan in the U.S. and partner Patrick Corr in London, and Ropes & Gray brought on Kirkland & Ellis partner Matthew Czyzyk in London.

Parlen was at Latham for a little under two years. Before that, he was at O'Melveny for almost 12. Past clients have included Hexion and Verso Corp. in their Chapter 11 reorganizations and an ad hoc group of creditors in the restructuring of FirstEnergy Solutions.

He said his chosen practice—and the lateral activity among practitioners—will only continue to heat up.

"I believe that we are seeing the tip of the iceberg now in terms of restructurings, both in and out of court," Parlen said. "This is a demand-driven business, and demand for sophisticated restructuring counsel is incredibly high right now. The best economic analysis suggests that it will be a few years before there is a return to normal demand scenarios, so given that surge in demand and the prolonged nature of the expected recovery, I expect that restructuring practices will continue to compete hard for the best talent."

Rogoff, who spent the previous 11 years as a partner at Kramer Levin, will work out of O'Melveny's New York office.

"As I looked at where restructuring would be going in the future, [I] thought it would be beneficial to be with a firm that not only had a top-ranked restructuring practice, but also a highly recognized global firm with offices elsewhere in the U.S. but also overseas in Europe and Asia," Rogoff said in an interview.

The firm has seen some loss from the department as well, though. In late April, Suzanne Uhland, O'Melveny's former U.S. restructuring practice chief, left for Latham & Watkins.

"We're delighted to welcome Adam to O'Melveny as we continue to expand our top-tier restructuring practice," Bradley Butwin, recently reelected chairman of O'Melveny, said in a statement. "Adam has a strong track record of handling complex cases in many of the sectors that have been especially hard hit by the COVID-19 pandemic."

Rogoff has worked with multiple health care and hospital clients, including the now-defunct St. Vincent's Hospital as well as Bayonne Medical Center in New York.

He also has experience in retail, which has been battered by the pandemic. Rogoff has previously worked with such clients as Casual Male Corp., Bradlees Stores, Just For Feet Inc. and R.H. Macy and Co., to name a few.

Competition for top bankruptcy and restructuring attorneys was fierce even before the COVID-19 crisis brought on a sudden recession, with firms already anticipating an economic downturn after a decade of growth.

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