CMS To Shift Lawyers To Restructuring Practice To Deal With Virus Work
The firm will move lawyers from other practices into restructuring and insolvency to manage the growing workload.
March 18, 2020 at 07:16 AM
2 minute read
The coronavirus has had major implications on the global financial markets.
CMS will relocate lawyers from across the firm to its restructuring and insolvency (R&I) practice, as the firm seeks to manage the increase in workload brought about by the coronavirus outbreak.
A London partner at the firm told Law.com International that the R&I practice has sought associates from the corporate practice to help manage additional work as companies across the globe grapple with the virus.
A spokesperson for CMS confirmed that the firm is looking to pool those with R&I experience across other teams in the firm to assist the dedicated R&I team in managing the increased workload brought on by COVID-19.
The move is "only likely to be a temporary measure", the spokesperson added in a statement.
In February, Law.com International spoke to a number of partners across the industry who predicted the outbreak would cause a spike in restructuring work.
In March, Linklaters, Freshfields Bruckhaus Deringer and Jones Day all acted on a refinancing deal for major cinema chain Cineworld, which said in a statement on the London Stock Exchange that it was dealing with the financial fallout from the virus.
Read more:
Law Firms Go Remote: Updates on Law Firm Closures During the Coronavirus Crisis
The Pressures Facing Firms as The Industry Shifts to Remote-Wotrking
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