Every day is different for restructuring lawyers, and learning and development opportunities are nearly endless. The work is exceptionally diverse, combining aspects of corporate law and litigation. In helping clients on all sides of a bankruptcy safely navigate their most challenging and high-profile restructurings, we have found that the work offers myriad opportunities for continuous learning.
These learning opportunities encompass different industries and practice areas, making restructuring a satisfying and stimulating career path from day one. In-depth training, hands-on experience, and mentorship are all key to success as junior lawyers advance; it’s also crucially important to take ownership of your own professional development.
Below we describe how a restructuring practice provides ample opportunities to grow as a lawyer and offer some tips for developing your practice.
An Expansive Practice
Practicing restructuring law opens the door to significant growth opportunities. With both transactional and litigation aspects, restructuring offers a range of experiences and skill sets.
Restructuring work is generally cross-functional, requiring lawyers to collaborate closely with specialists in diverse practice areas from M&A and tax to litigation and executive compensation, and more.
Restructuring lawyers, therefore, gain understanding in multiple specialties. This cross-functional work also creates opportunities to network across the firm and manage different work streams, both of which are crucial to career advancement.
Restructuring practices also offer opportunities to boost lawyer development. For example, at Paul Weiss, most restructuring matters are leanly staffed, resulting in increased responsibility for associates, the opportunity to take on stretch assignments, and greater client contact early on. Lean staffing also allows associates to work alongside partners more frequently and observe how they strategize and tackle issues.
Career Development Tips
Restructuring lawyers must invest in continued professional and career growth. We have found the following steps to be particularly helpful.
Seek out mentorship. Developing relationships with more senior lawyers is one of the most valuable learning tools for junior restructuring lawyers. Partners should prioritize mentorship, and we encourage junior lawyers to shadow partners and seek out mentorship opportunities.
Working alongside partners and learning from their decision-making will help you shape your own approach to lawyering. And connecting with partners who will usher your growth and provide feedback on your work is invaluable as you plot out your career.
Take ownership of your matters. Having ownership can help you stand out and learn how to manage effectively. As a start, understanding which workstreams you’re responsible for and independently seeing them through from start to finish is key—especially in restructuring matters, which have many moving parts.
Being proactive and anticipating next steps on a matter, when appropriate, can keep the team on track and demonstrate your commitment. You can also support more senior lawyers by taking control of essential administrative tasks, such as trackers and docket updates. This all can help you build rapport with more senior lawyers.
Raise your hand for stretch assignments. Consistently pushing yourself to advance and trying new types of assignments will demonstrate that you can take on more and will help you gain more sophisticated skills.
At Paul Weiss, associates of all levels are encouraged to take on challenging work on critical, landscape-shifting matters, with the support and guidance of partners and senior associates. These types of assignments lend themselves to informal mentoring and opportunities to learn on the job alongside more senior lawyers.
Engage in formal training programs. Training courses can help reinforce the hands-on learning you are receiving in your everyday practice and build a solid foundation for cross-disciplinary work. For example, Paul Weiss offers trainings such as “Restructuring and Capital Markets” and “Tax and Restructuring,” which help our lawyers make connections between their work and other practices.
Similarly, practical trainings, such as our firm’s “Chapter 11 Mechanics,” allow lawyers to focus on areas of law and practice that are directly relevant to their everyday work and to continue to build on these skills year after year.
Focus on developing client relationships throughout your career. Building strong relationships with clients is paramount to your growth as a lawyer. It is essential to constantly foster these relationships to build and maintain trust.
Treat clients’ problems as your own, providing constant, unwavering support and focus on finding creative solutions to their most difficult problems. Partners at Paul Weiss are committed to supporting associates in developing these essential client relationships.
Evolve with the practice. In the restructuring area, you are rarely asked to do the exact same thing twice. Regardless of your level of seniority, you are always facing new challenges. Staying current with the law, the market, and other deals will enable you to evolve with the practice. Restructuring work is never cookie cutter, and it is imperative to remain nimble and ready to provide creative solutions to clients’ issues.
Practicing restructuring law opens an array of opportunities and skill sets that will constantly challenge you. Prioritizing your professional development will help you tackle the multidimensional aspects of restructuring law and assess your next career steps.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.
Author Information
Brian S. Hermann is co-chair of Paul Weiss’s restructuring department.
Shafaq Hasan is an associate in Paul Weiss’s restructuring department.
Write for Us: Author Guidelines
To contact the editors responsible for this story: