After a slowdown earlier in the year, bankruptcy and restructuring work continues to keep litigators and corporate lawyers at Am Law 200 firms and boutiques busy.
Among the companies finding themselves on the financial ropes recently: Ally Financial’s Residential Capital unit, wireless Internet service provider Clearwire, and embattled mortgage insurer PMI. The Wall Street Journal reports that Ally Financial has hired Kirkland & Ellis for advice on its restructuring options, as has Clearwire, while Bloomberg notes that PMI has turned to Sullivan & Cromwell and Young Conaway Stargatt & Taylor in the same context.
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