Paul Weiss has become one of the most respected bankruptcy attorneys in the legal industry.
James Sprayregen, the restructuring attorney widely credited with building Kirkland & Ellis into a dominant force in corporate bankruptcy, joins Paul, Weiss, Rifkind, Wharton & Garrison as co-leader of its restructuring and debt capital solutions practice.
The move marks another significant lateral hire for Paul Weiss. Additionally, it strengthens the firm’s position in one of the most lucrative areas of modern legal practice.
For legal recruiters, law students and industry observers, this announcement highlights the ongoing battle among top law firms to attract elite legal talent.
Key takeaways
- James Sprayregen has joined Paul Weiss as co-head of its restructuring and debt capital solutions practice.
- Sprayregen founded Kirkland & Ellis’ restructuring group in 1990 and helped turn it into a bankruptcy powerhouse.
- The seasoned bankruptcy attorney has advised clients through several landmark Chapter 11 restructurings.
- Paul Weiss continues to expand his roster of legal talent under the leadership of Scott Barshay.
- The move highlights intense competition among big law firms to recruit elite restructuring lawyers.
Why James Sprayregen is one of America’s most influential bankruptcy attorneys
Building the Kirkland restructuring center
Few lawyers have shaped modern bankruptcy law as significantly as James Sprayregen.
In 1990, he founded the restructuring practice of Kirkland & Ellis. Over the next three decades, he helped transform the group into one of the most influential bankruptcy and restructuring teams in the United States.
As a result, Kirkland became one of the lead advisors in some of the nation’s largest Chapter 11 cases.
The company’s growth reflects the increasing complexity of corporate bankruptcies and distressed debt transactions. Sprayregen has thus become one of the most recognized names in restructuring law.
Notable Bankruptcy and Chapter 11 Matters
Throughout his career, Sprayregen has advised companies facing significant financial challenges.
His client list included major restructurings involving Caesars Entertainment, Toys “R” Us and United Airlines. These matters have helped solidify his reputation as a go-to bankruptcy attorney for complex corporate restructurings.
Additionally, his work has influenced the way many law firms approach Chapter 11 strategy, creditor negotiations, and debt restructuring.
Career goes beyond Kirkland and Ellis
Sprayregen’s legal career has included several notable transitions.
In 2006, he left Kirkland to join Goldman Sachs. However, he later returned to private practice and continued to lead major restructuring matters.
Most recently, he retired from Kirkland in 2024 and joined Hilco Global as vice president of global strategy and growth.
At Hilco, he focused on strategic initiatives and business development. Today, he returns to Big Law with a leadership role at Paul Weiss.
Why Paul Weiss recruited James Sprayregen
Strategic growth under the leadership of President Scott Barshay
The arrival of Sprayregen comes at an important time for Paul Weiss.
Earlier this year, Scott Barshay assumed the role of president. Since then, the firm has aggressively expanded several key practice groups through strategic recruitment.
The addition of an attorney of Sprayregen’s stature immediately enhances the firm’s restructuring capabilities. Additionally, it reinforces Paul Weiss’s reputation as a destination for top legal talent.
Barshay welcomed the arrival of Sprayregen and highlighted its extensive experience in advising clients during complex financial restructurings.
Expand a high-demand area of practice
Bankruptcy and restructuring remain core practice areas for large law firms.
Business bankruptcies often involve years of litigation, negotiations, financing agreements and court proceedings. As a result, companies with strong restructuring teams often generate substantial revenue during times of economic uncertainty.
Many companies now perform liability management transactions and debt restructurings before filing for Chapter 11 protection. Nonetheless, experienced restructuring attorneys remain essential throughout the process.
As a result, large law firms continue to invest heavily in bankruptcy and restructuring talent.
Leadership transition within Paul Weiss
The company’s announcement also included leadership changes within its restructuring group.
Paul Basta, long-time partner and co-head of the restructuring department, plans to step down from his management role later this year.
According to the firm, the transition is part of a broader succession strategy.
Meanwhile, Sprayregen will work alongside restructuring leaders Brian Hermann and Andrew Rosenberg as the firm enters its next chapter.
The management team is expected to guide the group through its continued growth in the restructuring and debt capital solutions market.
What this means for the world of law
Competition for elite legal talent heats up
The war for talent in the legal industry shows no signs of slowing down.
Today, large law firms are increasingly using lateral recruiting to strengthen their practice groups and increase market share. As a result, high-profile associate moves often attract the attention of the entire profession.
Experienced attorneys with strong client relationships remain among Big Law’s most valuable assets.
For recruiters, the move highlights the premium that firms place on lawyers with proven track records in highly specialized practice areas.
Restructuring lawyers remain in high demand
Demand for restructuring lawyers remains strong despite fluctuations in bankruptcy filings.
Many businesses seek legal advice before financial difficulties reach crisis point. As a result, restructuring attorneys often play a key role well before filing for bankruptcy.
Additionally, evolving debt markets and increasingly sophisticated financing structures continue to create a demand for experienced legal advisors.
This trend has encouraged law firms to expand their restructuring teams and compete aggressively for top talent.
James Sprayregen’s move signals continued growth for Paul Weiss
Sprayregen described Paul Weiss as a “true driver of restructuring,” a sign of confidence in the company’s management and leadership.
His arrival brings decades of experience, deep industry relationships and a nationally recognized reputation to the company.
Additionally, this hire strengthens Paul Weiss’ ability to compete in high-stakes bankruptcy, restructuring and distressed debt matters.
For law students, legal recruiters, and industry professionals, this decision offers another example of how strategic lateral recruiting continues to reshape the law industry.
As competition among big firms intensifies, big-name hires like James Sprayregen will likely remain a defining part of the legal industry’s evolving landscape.
Frequently Asked Questions
Who is James Sprayregen?
James Sprayregen is a prominent bankruptcy and restructuring attorney. He founded the restructuring firm Kirkland & Ellis in 1990 and became one of the most influential figures in corporate bankruptcy law.
What role will James Sprayregen have at Paul Weiss?
Sprayregen will be co-head of Paul Weiss’ restructuring and debt capital solutions practice.
Why is James Sprayregen’s decision important?
The move strengthens Paul Weiss’s bankruptcy and restructuring capabilities and represents one of Big Law’s most significant lateral hires of the year.
What is Paul Weiss known for?
Paul Weiss is a leading American law firm known for its litigation, corporate, private equity, finance, restructuring and regulatory practices.
Why are restructuring lawyers in high demand?
Companies are increasingly seeking advice on debt management, financial restructuring and alternatives to bankruptcy. As a result, experienced restructuring lawyers remain highly sought after by law firms and corporate clients.
What is a Chapter 11 Bankruptcy?
Chapter 11 is a section of the U.S. Bankruptcy Code that allows businesses to reorganize their debts and operations while continuing to operate under the supervision of the courts.
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