The General Counsel’s Strategic Initiative and Its Challenges

What do prudent general counsel of law firms do when they want to make sure that their risk management systems—as they relate to billing behavior—are best- in-class? The General Counsel of one AmLaw100 Firm decided to be proactive to make sure that his Firm was at the top of its game.

The Wall Street Journal reported a rise in corporate bankruptcies during the early months of 2016.1 That trend is expected to continue, predominantly in the energy and retail sectors. This means an increased workload for U.S. Bankruptcy Courts, the U.S. Trustees Program (USTP), restructuring experts, investment banks, bankruptcy attorneys, accountants and others integral to the bankruptcy process.

When Toys ‘R’ Us filed its Chapter 11 bankruptcy petition in late 2017, many industry experts predicted that the big winners in the case would be the lawyers and financial advisors. That prediction came true as the final accounting documents filed with the bankruptcy court showed that these professionals expected a $150+ million payday.

It All Begins Here