Top bankruptcy attorney Sprayregen to join US law firm Paul Weiss

• Sprayregen founded Kirkland & Ellis' restructuring group in 1990 and advised major bankruptcies including Caesars, Toys 'R' Us, and United Airlines before leaving in 2024 to join Hilco Global
• Paul Weiss partner Paul Basta, co-head of restructuring since 2017, will step down at year-end as part of a planned leadership transition
• Kirkland & Ellis' 2025 revenue exceeded $10 billion with a 20% year-over-year increase, highlighting the lucrative nature of bankruptcy work for major law firms

Summary:

James Sprayregen, a prominent bankruptcy attorney who built Kirkland & Ellis' restructuring practice over three decades, is joining Paul, Weiss, Rifkind, Wharton & Garrison as co-head of its restructuring and debt capital solutions practice.

Key Background:

Sprayregen founded Kirkland & Ellis' restructuring group in 1990, transforming the firm into a leading adviser for distressed companies. Under his leadership, Kirkland represented major Chapter 11 bankruptcies including Caesars Entertainment, Toys "R" Us, and United Airlines. He left Kirkland in 2024 to become vice chairman at private investment firm Hilco Global, following a previous three-year stint at Goldman Sachs from 2006-2009.

Financial Context:

Bankruptcy work represents a significant revenue stream for major law firms, as corporate restructurings often require large legal teams and extended timelines. Kirkland & Ellis reported revenue exceeding $10 billion in 2025, representing a 20% year-over-year increase.

Market Implications:

This high-profile hire reflects the competitive landscape among elite law firms for top restructuring talent. The move comes as Paul Weiss' new chairman, Scott Barshay, executes an aggressive hiring strategy—adding five partners in June alone. The firm is positioning itself to capture market share in the lucrative bankruptcy advisory space.

Leadership Changes:

Paul Basta, a Paul Weiss partner since 2017 and current co-head of restructuring, will step down at year-end as part of a planned leadership transition. Sprayregen's appointment represents a strategic succession play for the Wall Street law firm to maintain its "restructuring powerhouse" status amid evolving market conditions.