James Sprayregen, a top bankruptcy lawyer known for founding Kirkland & Ellis's restructuring practice, has joined Paul Weiss as co-head of its Restructuring & Debt Capital Solutions practice. His move follows a stint as Vice Chairman at Hilco Global, a diversified financial services company. Sprayregen is highly regarded, with over three decades of experience handling major restructurings for companies like United Airlines, Toys R Us, and Caesars Entertainment, and has been described as a "rock star" in the field.
This high-profile hire is seen as a significant development in the U.S. distressed-debt arena, where Kirkland & Ellis previously held a dominant position in bankruptcy matters, largely due to Sprayregen's influence. His arrival is expected to strengthen Paul Weiss's competitive edge and enhance its offerings in complex debt restructurings and capital solutions. The move also signals an increasing competition among elite law firms to expand their restructuring and capital solutions practices.
The transition also involves Paul Basta, who was a co-head of Paul Weiss's restructuring practice and a former protégé of Sprayregen. Basta will step down as a partner at the end of the year as part of a long-term succession plan. Sprayregen will now co-lead the practice alongside Brian S. Hermann and Andrew N. Rosenberg.
