THE DEAL INTRODUCES RANKINGS OF LEADING BANRUPTCY LAWYERS AND RESTRUCTURING ADVISERS

The Deal presents its first-ever rankings of the top bankruptcy law firms, lawyers, restructuring advisers and bankers working on active bankruptcy cases. Surrounding the tables is a feature story that examines the bankruptcy practice landscape

August 11, 2003--NEW YORK, N.Y.--The Deal the financial newsweekly serving the dealmaking community today presents its first-ever rankings of the top bankruptcy law firms, lawyers, restructuring advisers and bankers working on active bankruptcy cases. Surrounding the tables is a feature story that examines the bankruptcy practice landscape, entitled "Broad reach," by senior writer Matt Miller.

The rankings, based on the number of active assignments, indicate how large, diverse and lucrative this service industry has become over the past three years. The tables include several firms based in cities far outside Delaware and New York. The spike in activity is largely attributed to the mega-cases - bankruptcies the size of WorldCom and Enron have an astonishing amount of firms working on behalf of the debtors and creditors. In conducting the research, The Deal requested information on only active bankruptcy assignments; 39 firms responded. Going forward, the rankings will be produced quarterly.

The top ranked bankruptcy law firm is Weil Gotshal & Manges of New York (109 cases), followed by Richards Layton & Finger of Wilmington (84), Washington-based Wilmer Cutler & Pickering (71) and Jones Day of Cleveland (63). As the list progresses there is more national representation, such as Atlanta-based King & Spalding and Pittsburgh-based Reed Smith.

Houlihan Lokey Howard & Zukin of Los Angeles leads among the restructuring firms with 68 cases, followed by Rothschild Inc. of New York (31). Other notable firms from outside the major markets are AlixPartners of Southfield, Mich., FTI Consulting of Annapolis, Md. and Glass & Associates of Canton, Ohio. Many of the restructuring firms contributing to the rankings noted that Chapter 11 work accounts for half their business, as they also advise companies seeking to avert the need to file for bankruptcy. Restructuring advisers are defined as turnaround firms with management and operational roles, or investment banks addressing capital structures and deals.

"There's more impetus than ever to get companies out of Chapter 11 as quickly as possible. But even those bankruptcies now on the docket will give practitioners work for years to come," Matt Miller writes. "The numbers and complexities of bankruptcies have increased dramatically during this cycle compared with those during the last recession. True, the lead attorneys' roster hasn't changed all that much, and the big firms have the inside track on the major filings. But because of everything from conflicts of interest to the greater need for local counsel and specialist work, those complicated Chapter 11s also opened the doors for many firms and practitioners."

The Deal also provides a sampling of what lawyers are billing by the hour. Brad Eric Scheler of Fried, Frank, Harris, Shriver & Jacobson topped the list at $925 an hour, followed by a number of lawyers that bill in the $700s.

About The Deal
The Deal is a diversified media company dedicated to providing must-read financial news, commentary, data and services to corporate and financial dealmakers, their advisers and investors worldwide. Through The Deal, The Daily Deal, TheDeal.com and Corporate Control Alert, the company gathers, reports and disseminates information that offers a detailed look at transactions, industry sectors and financial services, along with the personalities and players who are the central figures driving change in the global economy. Investors in The Deal, a privately held company, include majority owner U.S. Equity Partners, a private investment fund sponsored by Wasserstein & Co. LP, and Rustic Canyon Ventures, one of the largest venture capital funds in Southern California.