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Dewey & LeBoeuf in New York has hired a Weil Gotshal & Manges restructuring team headed by partner Martin Bienenstock.
The hire of such a significant team from one of the world’s leading restructuring firms is a real coup for Dewey & LeBoeuf at a time when a wave of insolvencies are expected as the fallout of the credit crunch hits.
Dewey & LeBoeuf global chairman Steve Davis said: "Their interdisciplinary corporate restructuring expertise will provide our clients with critical guidance and the firm with exciting growth opportunities."
Bienenstock was co-chair of Weil's business finance and restructuring department and also sat on the firm's management committee. Partner Judy Liu has also moved across along with associate Timothy Karcher, who joins Dewey & LeBoeuf as partner.
He said he was attracted to Dewey & LeBoeuf because of its reputation in providing corporate counselling to insurance companies, energy companies, financial institutions and private equity firms as well as its commercial litigation capabilities.
Bienenstock experience includes advising directors, management, investors, and creditors and he was involved in restructuring Enron and Republic Engineered Products. He also represented General Motors in the Delphi Corporation Chapter 11 case, the equivalent of a bankruptcy case in the UK.
Liu's practice concentrates on business reorganisations and debtor and creditor's rights. Her experience includes representing borrowers, institutional creditors, committees and equity holders in a variety of workouts, corporate restructurings and Chapter 11 reorganisations.
Karcher's practice is focused on business restructuring and insolvency law. He has acted for companies involved in the energy, retail, airline, healthcare, and financial services industries.