Post by Legal Business

'There’s a lot of creativity in this space. We’re in an environment of possibility.' Liability management – the increasingly prominent practice at the intersection of finance and restructuring – was thrust into the spotlight at the start of this year when heavyweight partner David Nemecek left Kirkland & Ellis in New York for Simpson Thacher & Bartlett LLP. The move made headlines, and not just because it involved two of the world’s largest law firms. The story also involved an unusual flashpoint: Kirkland’s withdrawal from representing US telecoms provider Optimum Communications after the company filed a lawsuit against creditors including Apollo, Ares and Blackrock, accusing them of forming “an illegal cartel”. Once a specialist corner of the market, liability management has become a key battleground for elite firms competing to advise companies, sponsors and creditors on high-value capital solutions. For this in-depth look at an increasingly influential sector, Alex Ryan spoke to leading partners including Nemecek, Josh Feltman of Kirkland & Ellis, John Sobolewski and Stelios Saffos of Latham & Watkins, Milbank LLP's Yushan Ng, Willkie Farr & Gallagher LLP's Marc Hecht and Daniel Gendron, and Weil, Gotshal & Manges LLP's Justin D. Lee - to examine why liability management has become so important, and why there's so much competition for talent. As one partner says: 'We’re in a post-silo world. All the law firms that are still stuck in the era of “bank finance is one silo, securities is another silo, restructuring is another silo, each is basically standalone” – they’re going to fall behind.’ https://lnkd.in/eBEr9G9J