Washington-based law firm Wiley Rein is saying goodbye to its bankruptcy and restructuring group, the firm said in a statement Thursday.
Wiley Rein, which has 278 attorneys in the District and Northern Virginia, is known primarily for its telecommunications-related work. The bankruptcy practice is a relatively small but well-known group whose attorneys have represented distressed businesses including the Washington law firm Howrey. They are currently representing the trustee for the estate of bankrupt electrical contractor Truland Group.
The firm issued a statement confirming the separation and saying it was part of the firm’s “new strategic plan,” but did not elaborate beyond that and declined to specify the future plans of the bankruptcy group.
“This very difficult decision to spin off the bankruptcy practice follows an in-depth analysis of the current and future needs of the firm’s clients, and is aligned with the firm’s new strategic plan that we launched at our recent annual partner retreat,” the firm’s managing partner Peter Shields said in a written statement. “We all value the bankruptcy team, and we hope to work collaboratively with them in the future.”
The bankruptcy group is led by practice chair Jason Gold. It includes eight attorneys, according to the firm’s Web site: five partners, one of counsel and two associates.
“As an independent practice dedicated to offering bankruptcy and restructuring services, we will have enhanced flexibility and the opportunity to provide even greater value to our bankruptcy clients,” Gold said in a statement. “We have enjoyed working with our colleagues at Wiley Rein, as partners and friends, and we look forward to working with them on client matters in the future.”
More from Capital Business: