The Bankruptcy Lawyer

Call Her Alias . . . Even If Some Days She Feels Like She's Riding Out The Perfect Storm

What is the uniform of a bankruptcy lawyer? The rolled-up sleeves of the litigator, poring over library treatises? The broad pinstripes and wide lapels of the m&a bigshot, twisting arms in the boardroom? Or the Burberry plaid of the gentleman bank counsel?

The bankruptcy lawyer wears all these clothes -- and that's just the beginning of his wardrobe. A bankruptcy practitioner is a master of disguise, morphing from role to role, one day negotiating the financing package that'll keep the debtor operating through bankruptcy; the next day massaging the employee retention package into place; and the day after that guns blaring into court to defend the debtor from a threatened, and potentially fatal, supply shutdown. The bankruptcy lawyer is last of the old-time generalists, armed and willing to perform any task to bring the bankruptcy proceeding to a successful conclusion.

And if a bankruptcy lawyer functions by being a chameleon, she only does so to perform its central role: Rescue worker. Companies are in bankruptcy for a reason -- they've hit the perfect storm, and someone's gotta come in and bring that boat into port, or at least make sure everyone gets out alive. That someone's the bankruptcy lawyer -- out to salvage the equipment, the crew, or, if you're real lucky, the whole boat.

Jack-of-all trades and rescue worker

Keep both these phrases in mind, and you'll go a long way towards understanding what makes the bankruptcy practice one of the most unique and vibrant areas of law. It's a practice for lawyers who enjoy the adrenaline of the courtroom and the art of the deal; who are looking for variety in practice, the chance to use all sides of your legal brain; who are hoping to be part of a collegial, welcoming neighborhood of fellow practitioners. This guide will give you a taste of life in this community, walking you through the bankruptcy process, showing you how to get in and move through the bankruptcy world, and providing you with an insider's view of what life in this practice is all about, month-to-month, day-to-day.