The Risky Logic Behind The Restructuring Rush
Firms looking to hire in anticipation of a glut of insolvencies risk jumping the gun, according to those doing the deals.
July 09, 2019 at 10:02 AM
4 minute read
A couple of heads of large law firms told me recently they are rushing to hire restructuring partners. Their logic is simple. A global downturn is expected and firms need to have partners in place before the spate of insolvencies hits.
It seems the pace of such work is already picking up. In recent months, firms have jumped on roles for the likes of British Steel, Monsoon Accessorize, HMV, Patisserie Valerie and Utilitywise. Others have included House of Fraser, BHS, Poundworld and Maplin.
Some of these have yielded millions of pounds in fees for advisers. Kirkland & Ellis's $56 million for Toys 'R' Us is notable. Who wouldn't want to get in on the action?
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