<p>Hi,</p>
<p>So basically, I have an interest in pursuing a corporate restructuring career. I have read lots of case studies on distressed corporations and think that all of that stuff is extremely fascinating. However, it seems as though there is a lot more legal aspects/research that needs to be done in restructuring versus its cousin M&A, and so I was wondering if having a law degree may be useful for this? I already will have had an undergraduate business degree and will keep brushing up my business skills, but I was wondering if there is anything like an attorney that specializing in corporate turnaround and restructuring like there is for bankers and how one would go about doing it? I know that if I get a law degree, I’ll be more on the legal (aka the lawyer as opposed to the banker) end of these transactions, but if my ultimate goal is to learn more about these transactions in general, would getting a law degree from a good school be a decent choice/helpful for my career and goals? My odds, given my school, are very slim to get into restructuring investment banking, so I’m hoping that getting into a top notch law school may also help me work on the big cases, even if its not directly on the business end, and that my new degree would help me learn even more about such transactions.</p>
<p>Thanks in advance!</p>
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<p>Yes, there are bankruptcy attorneys and big law firms that handle bankruptcy cases. The top few that come to mind are Weil Gotshal and Kirkland & Ellis (Skadden Arps is a distant third). Search online and see the kind of bankruptcy work they’ve been handling in the economic crisis.</p>
<p>Something to note: From what I know, restructuring work is extremely demanding. And what’s worse is that bankruptcy attorneys tend to make less bonus-wise, since the excess billables usually come in down economies, when law firms are particularly stingy about bonuses. Aside from that, I’m not sure how easy it is to make it rain in the group, as you aren’t supposed to have “repeat customers.”</p>
<p>Money is of little consequence to me. As I mentioned, my primary love is learning about business restructuring cases, and I am confident enough in my ability/passion to “make it rain” as long as I can go to my job and learn more about business everyday. I might not make as much as other attorneys, but I am still confident that my passion for something will allow me to live comfortably enough, especially since I’m not the type who needs to buy Valentino suits and Oliver Peoples glasses over decent, affordable clothing, nor do I have many luxurious tastes.</p>
<p>All I care about is if I will get to learn more about restructuring cases/play a large role in turning the company around as an ATTORNEY as opposed to a restructuring banker. Also, will the legal education be a good substitute for an MBA for this field? Although I love business, I feel that an MBA after already having pursued an undergraduate business education is relatively pointless, so that’s why I’m wondering if maybe I should look to a law degree, especially since law seems to be a big part of the practice, and that part interests me as well</p>
<p>Yes, there are people like that. However, those positions are very hard to get, and you usually need to work in M&A or PE for a few years prior to law school. I know a few people who do that kind of work. One was a finance major at Wharton who worked at Bain Cap for two years and then went to Stanford Law. Another went to Dartmouth, worked at Goldman for three years, and then went to Harvard Law. They said that a lot of their friends aiming for that in law school didn’t get jobs, and eventually ended up doing taxes.
If you just want to do corporate restructuring without intellectual interest in law, I would suggest you follow the traditional path: undergrad -> M&A -> business school -> M&A.</p>