Law Firms Opening Distressed Assets Groups
Law firms are reacting to financial problems in the banking sector and capital markets by opening distressed assets groups.
Consultant Ward Bower of Altman Weil told the Am Law Daily that such moves are good marketing. Potential clients may not know they need bankruptcy lawyers but may see a need for advice on the distressed assets they hold. “It’s casting the problem in a language clients actually use and letting them know you have expertise in this area,” Bower told the publication.
The latest firm to open such a group is Bryan Cave, which is focusing on distressed financial institutions and banking customers, such as construction companies that want to ensure continued funding for projects, the National Law Journal reports (sub. req.). The firm will represent banks seeking to sell assets or investors seeking to buy them, the story says. The team has 15 lawyers.
Other firms that have launched distressed asset groups are Andrews Kurth and Thacher Proffitt & Wood. Thacher Proffitt’s website says it can assist in foreclosures, help acquire or dispose of distressed debt, and assist in restructuring.
