A career in insolvency/ restructuring

I’ve been offered the chance to switch practice areas by my firm from something transactional to a more R&I focussed team

What are the pros and cons - from what I can see the work looks interesting but making partner seems quite difficult (I guess there aren’t a ton of repeat clients) albeit that you are at less risk of being canned than other teams, as you’ll be busy when everyone else is quiet and when you’re quiet the rest of the firm will be busy so nobody will care?

I can’t see many exit options down the line though, as there don’t appear to be many in house roles 

Restructuring and insolvency type work is for the sexually inadequate and the hideously deformed.

It is known.

Should have repeat clients as you're usually instructed by the administrator or liquidator...

Suggest you have a liver function test before moving into insolvency.

Suggest you have a liver function test before moving into insolvency.

Is there any area of law to which this advice does not apply?

Definitely a growth area at the moment. But seems pretty miserable to me (although that's my view of most areas of law tbf). Plenty of repeat clients if you can get in with the IP's banks etc.

Pros: Constant reciprocal entertainment

Cons: Alcoholic fatty liver disease, atherosclerosis, obesity

Last time I went out with IPs it was a breakfast meeting and they all ordered grapefruit (as I tucked in to a hearty full english).

I imagine if you’re acting for the administrator it’s probably a piece of piss (here’s this three page spa with no warranties, sign it or fvck off) but could be very shouty and high pressure if you tend to act for buyers (not sure how this split works in practice, only limited experience thank fvck*)

*places tend to go bust *after* I’ve left them. 

3 page SPA my arse.  It's 10 pages.  Of which 5 pages repeatedly point out that there are no warranties and 3 pages repeating the point that the administrator is contracting as agent of the company without personal liability.

although that may not be the case and the administrator may not even have been appointed.  or be a legal person capable or contracting.  you've got nothing and you are on your own buddy.  have a nice life.  or don't.  we neither care nor have any duty of care.

Pros: Brexit is coming and you won't be short of work.  It's quite a small community and there are good opportunities for getting yourself known.

 

Cons: Pressure, nasty hours sometimes and lots of socialising.  IPs can be pricks, but then, who can't?

A useful string to your bow with transactional work

I do both 

A couple of thoughts.

Fewer basket case companies go through a formal insolvency process these days, more action around restructuring in advance of formal insolvency, so those corporate skills will come in handy.

A lot of the bank instructions have slimmed down, because many of the banks do a lot of the restructuring work themselves. That still leaves the accountancy firms/IPs.

Did this for nearly 4 years. Insolvency is pretty dull tbh, restructuring less so. But definitely a good skill to have and, according to my mate in recruitment, one in short supply.