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Weil, Gotshal & Manges, which is leading J.Crew through the first-filed retail bankruptcy in the coronavirus pandemic era, is now representing another office-attire mainstay, Brooks Brothers, through its own Chapter 11 proceedings.

The oldest men's clothier in the U.S. has been struggling for years as workplaces have adopted more casual dress codes, but months of office closures spelled doom. Brooks Brothers filed Chapter 11 paperwork Wednesday in the District of Delaware, and the company said it owed between $500 million and $1 billion to 10,000 to 25,000 creditors.

Among Brooks Brothers' 30 largest unsecured creditors is Winston & Strawn, which has an $871,449 unsecured claim for professional services. The firm did not immediately respond to a request for comment about the claim.

The Weil team serving as debtor's counsel includes partner Garrett Fail and associate David Cohen. The two charge $1,400 and $1,010 per hour, respectively, according to filings in other bankruptcies.

Weil increased its standard billing rates in October 2019: members and counsel are now billing from $1,100 to $1,695 per hour; associates are billing $595 to $1,050; and paraprofessionals are billing between $250 and $435.

The countercyclical restructuring practice is proving to be a buoy for law firms as the legal industry navigates the pandemic and firms adjust their financial projections for the year.

Weil, which handled giant Great Recession-era bankruptcies such as American Airlines, Lehman Brothers, Enron and General Motors, has in recent years stepped up its presence in the retail space. The firm is advising J.Crew in its Chapter 11 proceedings—the preppy mall mainstay filed paperwork in May—and it has already earned $12 million for work in the 90 days before the company's filing. Weil has also led Sears, Macy's, Kmart, accessories retailer Claire's and others through bankruptcy in recent years.

Weil is one of a handful of firms that have established themselves as bankruptcy and restructuring powerhouses and have earned the initial work stemming from the coronavirus pandemic. Paul, Weiss, Rifkind, Wharton & Garrison; Latham & Watkins; Wachtell, Lipton, Rosen & Katz; Hunton Andrews Kurth; and Milbank are also playing roles and billing millions of dollars for restructuring work in the pandemic era.

Still, Kirkland & Ellis remains the clear leader in the retail bankruptcy space. The firm is representing Neiman Marcus and J.C. Penney, two department stores that filed for Chapter 11 protection in May, and it is also reportedly advising Macy's. In the last year, Kirkland has handled bankruptcy proceedings for Forever 21, Barneys New York, Fullbeauty Brands, Things Remembered, Destination Maternity, Pier One and Acosta.

Delaware firm Richards, Layton & Finger is local counsel in the Brooks Brothers case. PJ Solomon is Brooks Brothers' investment banker, and Ankura Consulting is its financial adviser. As of Wednesday morning, Choate, Hall & Stewart had also entered an appearance in the case, on behalf of creditor Wells Fargo.

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Weil Nabs First Big Retail Bankruptcy of Pandemic Era as J. Crew Succumbs to Chapter 11

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