Lowenstein Sandler is one of a handful of elite law firms that have come to dominate corporate bankruptcy matters in the United States, according to an in-depth, decade-long analysis conducted by The Wall Street Journal and published in its recent article, “The Power Players That Dominate Chapter 11 Bankruptcy.”
In determining the group of ten law firms listed as “power players,” “[t]he Journal reviewed every company with assets of more than $500 million that has filed for bankruptcy protection in the past decade.” According to the Journal article, the major cases they reviewed encompassed more than $2.5 trillion in assets.
The article provides an analysis of the inner workings and concentration of cases within the bankruptcy industry. The piece identifies the top ten law firms by the number of the bankruptcy cases handled over the past decade and finds that at least one of the top ten firms, including Lowenstein, has appeared for either the debtor or the official creditors’ committee in almost two-thirds of all large cases.
“The Wall Street Journal’s analysis of large bankruptcy cases affirms what many of our clients already know–Lowenstein Sandler’s bankruptcy team is one of the most experienced groups in the country and earns its place on this list every day by advocating on behalf of clients and fashioning creative, yet practical solutions in the most complex cases,” said Kenneth A. Rosen, partner and Chair of the firm’s Bankruptcy, Financial Reorganization & Creditors’ Rights Department.
Over the last decade, corporate bankruptcy has blossomed from a once undesirable area of work for many top law firms into a distinguished business, with a select group of law firms handling the majority of the work. Those firms, including Lowenstein, dominate the landscape of corporate bankruptcy and exercise tremendous influence over the resolution of critical businesses’ reorganization strategies, according to the Journal.
“For nearly two decades, the expansion of our bankruptcy practice, in tandem with our increasing focus on representing investment funds in significant transactions and litigation, has been a core part of our firm’s strategy,” said Gary M. Wingens, Lowenstein Sandler’s Chairman and Managing Partner. “These are practices where our firm has the breadth and depth of experience that most firms do not. It is gratifying to see that the Journal’s analytics evidence that our strategy is working. And it is especially satisfying given recently released American Lawyer data proving that Lowenstein remains one of the nation’s fastest-growing law firms.”
About Lowenstein Sandler’s Bankruptcy, Financial Reorganization & Creditors’ Rights Department
Lowenstein’s bankruptcy lawyers are called upon by business leaders, credit managers, financial advisors, and restructuring professionals seeking a resourceful, aggressive, well-connected bankruptcy team. The team represents debtors, creditors' committees, individual parties, and trustees in Chapter 11 proceedings throughout the United States. In addition, we counsel debtors, creditors, and financial institutions in nonjudicial debt restructurings or workouts involving publicly and privately held companies. The group collaborates with commercial and investment banks, savings institutions, mutual funds, and other financial firms in their management of troubled credit. The team advises on the significant bankruptcy aspects of various transactions, including commercial finance transactions, as well as on mergers, acquisitions, and divestitures of solvent, insolvent, and other highly leveraged companies. The group also prosecutes and defends all types of litigation related to bankruptcy proceedings.