Despite its resounding name, Practice Restructuring is often confused with the reorganization. This article discusses the benefits and challenges of Practice Restructuring and Skadden’s approach to practice restructuring. It is essential to understand all aspects of the process before starting the restructuring process. During a practice restructuring, you should align the organization’s strategy with the objectives of the practice. Read on to learn more.
Practice Restructuring
The Law and Practice of Restructuring in the U.S. and U.K. explore the various techniques available to distressed companies. The book also covers critical stakeholders in the process, including government agencies, financial institutions, and companies seeking debt restructuring. This comprehensive text provides a valuable resource for practitioners, clients, and students in law schools and accounting firms. Using case studies and detailed examples, this complete text offers an overview of the law governing restructuring and provides practical advice on applying it to real-life situations.
Skadden’s insolvency and restructuring practice draws upon the firm’s comprehensive resources, including top-ranked practices in tax, mergers and acquisitions, litigation, real estate, and financial institutions. The firm also offers unique and innovative solutions for clients in challenging situations, including those that require sophisticated financing or restructuring solutions. Its practice is nationally recognized for its restructuring efforts across various industries, including financial services, manufacturing, and retail.
Challenges
Practice restructuring may seem daunting, but it is an opportunity for practices that embrace innovation and care-centric communication to win. Many practices are reopening as the first wave of the Second Pandemic hits the U.S., while others are struggling to meet the demand for delayed patient care. For those that remain open, the challenges of practice restructuring are primarily financial, but a good implementation plan can make all the difference.
A successful restructuring effort involves aligning the workforce team with the practice’s resources. Skilled leadership, a clear vision, and a strong business plan are critical to success. Some practices will revert to their old ways of managing their practices, while others will adjust their position deliberately and wait for things to improve. Practice leaders should not ignore the realities of practice restructuring and should strive to incorporate input from everyone to minimize angst and concern over the changes.
Opportunities
If you’re not satisfied with the way your practice is run, there are opportunities for practice restructuring. One area of practice that you can restructure is the financial side. You should review your financial processes and identify “money leaks” – unnecessary expenses that aren’t contributing to the profitability of your practice. Examples of money leaks include subscriptions, advertising, and services without a proven ROI. Streamlining these practice areas can help you improve your bottom line and get the most out of your time.
Other opportunities for practice restructuring include adding clinicians. For solo practitioners, this can be an ample restructuring opportunity. Adding another clinician can create a group practice that offers additional opportunities for both parties. Offering therapy groups and classes is another way to diversify income. The Internet space has endless possibilities for expanding practice and diversifying its income streams. It’s essential to know the different opportunities for practice restructuring before pursuing them. This way, you’ll know which avenues to pursue.
Skadden’s approach to restructuring
Skadden’s lawyers are well known for being pioneers in many groundbreaking restructurings. Their work on these cases often involves devising novel, efficient solutions for their clients. The firm is particularly renowned for its experience in significant domestic and cross-border restructurings. We spoke with two of the firm’s lawyers responsible for creating these innovative solutions. The firm recently promoted four new partners in its London practice. Two of them were white-collar crime partners. The fourth was M&A partner Denis Klimentchenko. Both new partners were encouraged to partner in 2019.
Weil’s approach to restructuring
Weil’s business finance and restructuring department have long been regarded as one of the top firms in the nation, with a history of high-profile bankruptcy cases. The firm was the lead counsel for Lehman Brothers, the largest bankruptcy in history, and continues to lead the field with its exemplary track record. Its attorneys work across different industry sectors and with a diverse client base. They have experience in virtually every central area of finance, from debt for equity swaps to international insolvencies.
Weil has an outstanding reputation in bankruptcy and restructuring, with its “Advisors” designation from the Financial Times. In addition to Mr. Miller, the firm also hired restructuring head Adam Plainer, who put its City practice on the map with its role in the M.F. Global administration. Weil’s Restructuring Department was recently named “Outstanding Restructuring Team” at the 2014 Legal Business Awards. It continues to handle complex restructuring work, including a EUR2bn debt restructuring for Mediannuaire.
