The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.
- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019
Paul, Weiss was ranked third among the top firms in The Deal's Out-of-Court Restructuring League Tables, based on distressed companies that have announced financial restructurings for the first quarter of 2016. Paul, Weiss is advising bondholders in the Ultra Petroleum, Pacific Exploration and Production and Paragon Offshore restructurings.
Bankruptcy partner Brian Hermann is quoted extensively in a related article in The Deal, titled "A Frenetic Energy Behind Oil and Gas Restructurings," which profiles the most prominent advisory firms in the sector. Brian notes that the outlook for the rest of the year "will largely be a function of oil and gas prices." He also points out that "Oil and gas cases are different from your typical bankruptcy because these companies tend to file with a lot of cash from their drawn down revolvers and the lenders have liens on 80% or 90% of reserves," so energy companies that file without a prepackaged restructuring tend to see a lot more disagreement about the "value of the unencumbered assets and adequate protection for the secured lenders that you don't see in other cases," a trend he predicts will continue.