Lehman Brothers. Circuit City. The Tribune Company. Icelandic banks. These giants have been dead or nearly dead for a few years now, but they’re still pumping life into a niche practice area: distressed debt.

Lawyers from large firms such as Katten Muchin Rosenman; Andrews Kurth; Kramer Levin Naf­talis & Frankel; Morrison & Foerster; and smaller shops like Richards Kibbe & Orbe and Mandel, Katz & Brosnan make up the small distressed debt bar, which advises investment banks and hedge funds in the purchase and sale of distressed loans and trade claims.

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