Kirkland Shoves Weil Gotshal Aside as Leading Bankruptcy Firm
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Martin Bienenstock, the lawyer who led the Enron Corp. bankruptcy case, left Weil, Gotshal & Manges late last year. The restructuring business he helped build may be exiting right behind him.
After topping the list of firms acting as lead legal adviser in bankruptcies for decades, Weil has been displaced so far this year by Kirkland & Ellis. The 1,316-lawyer firm, based in Chicago, is handling six of the 12 largest U.S. bankruptcies by debt, according to data compiled by Bloomberg News, including the $2.43 billion restructuring of casino operator Tropicana Entertainment LLC. Weil has none of them.