Warren Usatine, co-managing shareholder of Cole Scholz/courtesy photo

Bankruptcy attorney Warren Usatine is entering a leadership role at Am Law 200 firm Cole Schotz at a unique juncture for both his practice and the firm.

Usatine was elected this month as its new co-managing shareholder, along with Samuel Weiner and Michael Sirota, effective immediately. He also co-chairs the New Jersey firm's litigation department.

On one hand, Usatine is stepping up at a time when his bankruptcy practice is more active than ever. As the economic turbulence from the pandemic has claimed its first round of retail victims, Cole Schotz has a role in the True Religion, Advantage Rent-a-car, Neiman Marcus, J.C. Penny and Modell's Sporting Goods bankruptcies. The firm handles both debtor and creditors committee representation.

But now as one of the leaders of the 140-attorney firm, he's also focused on the practice areas that slow during a recession, including transactional and real estate.

"We're all keeping a watchful eye on it, and we're concerned about what's going to happen in the transactional practice for the rest of the year," he said. "We're seeing some signs of additional activity now compared to the second half of March and in April, but just like every other firm, it's about how long it takes that sector to return to normal."

Still, he said, recent investments in the bankruptcy group, which makes up about 25% of the firm's head count, are now paying off as countercyclical restructuring work picks up. In the past few months, Cole Schotz hired two restructuring lawyers: Seth Van Alten, who joined from Cooley in February, and Justin Alberto, who joined from Bayard in April.

Usatine said his bankruptcy practice experience will prepare him well for the leadership role.

"Being a bankruptcy lawyer for 25 years prepared me to understand the business side of the practice of law: finances, budgeting, cash flow and what makes a business run," he said. "The experience I've gained representing companies both inside and outside of bankruptcy, in addition to learning about companies as a commercial litigator, is a combination that's prepared me to understand business issues."

As he joins the firm's leadership, just as the economy has entered its first recession in more than a decade, he said multiple mentors, including Weiner and Sirota, the co-managing shareholders, and the entire firm have his back. "The greatest strength of the firm is always looking ahead to the future," he said. "They showed an interest in me getting involved and saw that as part of the firm's ultimate succession plan."

Cole Schotz, which debuted on the Am Law 200 within the last few years, saw double-digit revenue growth in 2019. The firm ranks 188th on the Am Law 200 with $118.3 million in revenue last year.

Usatine joined Cole Schotz as a summer associate in 1994 and started working full time the following year. He became a member of the firm in 2002 and a shareholder in 2004. He said that since then, he's taken on various administrative roles at the firm, including a stint as deputy co-chairman of the bankruptcy group. Usatine has also been on the firm's management, hiring, billing and finance committees.

"It does take up a lot of time," he said about his various firm commitments. "But during a crisis, in times like this, it's a team effort and it always has been. There's a lot of responsibility to go around in times like this."

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