ANALYSIS: Three Skills Bankruptcy Associates Need to Stand Out

Attorneys new to commercial bankruptcy practice often focus on obvious areas to build up their expertise: mastering the substantive and procedural rules of Chapter 11 and boosting their litigation and transactional skills. But new bankruptcy attorneys shouldn’t overlook developing three additional skills as they start their careers.

1. Accounting and Finance

Chapter 11 associates can always benefit from some basic accounting and finance abilities like reading balance sheets, identifying where valuation issues come into play with various provisions of the Bankruptcy Code, and understanding different valuation methodologies. It’s also helpful to learn about corporate financing structures, from issuance of bonds to secured revolving credit facilities. Studying these structures will help you spot issues during the case, develop arguments, and evaluate proposed restructuring solutions. Bloomberg Law’s Transactional Intelligence Center has a number of helpful resources for understanding financing transactions.

2. Project Management

Developing skills in project management will enhance your career as a commercial bankruptcy attorney. Representing a Chapter 11 debtor’s or creditor’s committee can be a massive and overwhelming undertaking because these cases not only involve the reorganization process, but also the litigation of varying issues with numerous creditors in multiple contested matters and adversary proceedings. Project management skills can help make representing debtors and committees more manageable. Incorporating these skills into your practice will help you stay organized and will demonstrate that you’re ready to move to the next level.

3. Oral Advocacy

Finally, bankruptcy practice requires you to be a strong oral advocate, whether by making your case in the courtroom, negotiating with multiple parties on conference calls over the terms of a Chapter 11 plan, or explaining complex bankruptcy issues to your client. When you may not yet have a major role in the courtroom or on conference calls, note what the most effective speakers do. Seek out opportunities to speak and improve your verbal communication as well.

In addition to learning the skills above, new associates should explore Bloomberg Law’s new Bankruptcy Fundamentals Toolkit, which has helpful resources for orienting attorneys new to bankruptcy practice.

Resources for understanding Chapter 11 are available in our Practical Guidance: Voluntary Chapter 11 suite as well as the Bankruptcy Fundamentals Toolkit.

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