The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Alexandra (Allie) Lisner represents companies, lenders, shareholders, and other parties across various industries in both in-court and out-of-court restructurings, as well as in other distressed situations.
She maintains an active pro bono practice, providing assistance to individuals seeking asylum and survivors of gender violence seeking legal permanent resident status in the United States. She also represents parents of students with disabilities and special education needs.
Anupama (Anu) Yerramalli represents companies, bondholders, lenders, official and ad hoc committees, and other creditors and investors in some of the market’s most complex restructurings both in and out of court. A solutions-driven and creative problem solver, Anu advises on matters throughout every stage of a restructuring. Her practice encompasses a range of bankruptcy cases, out-of-court restructurings, and other distressed situations. She draws on her broad corporate governance and liability management experience to help public and private companies navigate a variety of sensitive issues that arise in connection with high-stakes insolvency matters.
Anu is a member of the Junior Advisory Board of Her Justice and a member of the board of the City Bar Fund. She serves on Latham’s Inclusion, Opportunity & Community Committee.
Describe your practice area and what it entails.
Anu: I represent companies, boards of directors, and sponsors across industries in both in-court and out-of-court restructurings. For in-court matters, I handle everything from negotiating transactions, advising boards and management, working with all constituencies, and appearing on behalf of the company in bankruptcy court. On the out-of-court side, I work closely with our liability management team on refinancings and other structures to help businesses extend runway, gain liquidity, and enhance flexibility, focusing on governance and building a strong record.
Allie: My practice involves representing companies and other stakeholders in distressed situations, with most of my work on the debtor side preparing companies filing for Chapter 11. I also represent creditors and handle out-of-court restructurings. My matters largely take place in Delaware and the Southern District of Texas, with some in New York. The broad scope of responsibilities reflects what I love about this practice—the blend of corporate and litigation work and the fast-paced nature of this work. One week I’m drafting deal documents, and the next, I’m researching, drafting pleadings, and presenting motions in court.
What types of clients do you represent?
Anu: I primarily represent companies, including domestic and multinational corporations, boards, and sponsors across a range of industries, including healthcare, telecommunications, energy, and retail. We work closely with management and directors to evaluate options, craft creative solutions, negotiate with stakeholders across the capital structure, and implement transactions that stabilize the business, deleverage the balance sheet, and position it for a successful path forward.
Allie: I represent large corporations across multiple industries. On the public side, I’ve worked with recognizable names such as The Container Store, CareerBuilder + Monster, and 2U. I’ve also handled pharmaceuticals, technology, oil and gas, automotive, and real estate matters. Our practice advises both public and private companies, and I also work on creditor-side matters, which gives me a full view of the capital structure.
What types of cases/deals do you work on?
Anu: In court, I handle the full life cycle of the case from negotiating the restructuring framework prior to filing to implementing and litigating the outcome in court. Out of court, I evaluate strategic options to afford a company flexibility to extend runway and liquidity while assessing risks and rewards. In either situation, I work closely with board members and management to develop strategies, address constituent concerns, and determine efficient means of implementation. Some of my recent matters include Mallinckrodt’s prearranged and prepackaged Chapter 11 cases, Virgin Orbit’s sale of its assets, Vroom’s recapitalization of unsecured convertible notes and equity through a prepackaged Chapter 11, and CommScope on a strategic refinancing.
Allie: I focus on in-court restructurings, including prepack-aged and prearranged Chapter 11 cases, and longer-running cases driven by litigation. I worked with Anu on Mallinckrodt’s prepackaged Chapter 11 case and Vroom’s recapitalization of unsecured convertible notes and equity through a prepackaged Chapter 11. Though my personal practice has been more in court, our group increasingly handles out-of-court restructurings and liability management transactions, so I’ve gained increasing exposure to different deal types and strategies.
How did you choose this practice area?
Anu: I found restructuring through a mix of happenstance and intention. In law school, I joined the American Bankruptcy Institute Law Review because I liked the practical focus of the publication. Alumni and a judge encouraged me to clerk in bankruptcy court, leading me to spend two years clerking in New Jersey. Seeing cases from the bench, learning the Bankruptcy Code, and watching parties craft and implement complex deals solidified my desire to practice in this field.
Allie: I expected to become a litigator. During my summer here, I worked primarily on litigation matters, including research on a bankruptcy case, for the litigation team. Even after a lengthy stint on capital markets matters, I still thought I’d do litigation. Then I was staffed on a restructuring matter with a senior associate who mentored me, brought me into partner and client meetings, and taught me the basics I hadn’t learned in law school. I discovered that I loved restructuring’s variety, speed, and client advisory work and the chance to mix transactional work with brief writing and advocacy.
What is a “typical” day like and/or what are some common tasks you perform?
Anu: Most days I’m on calls advising clients about strategy, options, and implementation. Bankruptcy necessitates a highly collaborative environment, even with adversaries: Once you reach an economic deal, you have to figure out how to implement it, either with broad support or over objections. Therefore, the majority of my days pass as a fast-moving, hands-on mix involving client and stakeholder meetings, drafting and reviewing pleadings and transaction documents, and preparing for court.
Allie: A typical day for me spans corporate and litigation tasks. I might draft first-day pleadings, term sheets, restructuring support agreements, and plan documents while coordinating with financial advisors, investment bankers, communications firms, and the claims and noticing agent. We quarterback cross-practice work with tax, employee benefits, and capital markets/public company teams. I regularly attend board meetings, prepare board materials, and draft minutes.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Anu: Start with a general Bankruptcy course to understand the code and process and take Secured Transactions, which is invaluable given the Article 9 interplay in our practice. Pursue a breadth of classes that cover how different areas like intellectual property (IP), tax, employment, and governance impact corporations, as restructuring demands a specialist’s depth with a generalist’s eye. Build an internal network across practice areas and learn from prior cases and transcripts to see how arguments are framed. Building comfort with collaboration, fact-intensive problem-solving, and fast-paced, hybrid work will serve you well.
Allie: If you know you’re interested, take Bankruptcy and adjacent courses to build a foundation. Finance and Securities courses will come in handy for understanding credit and capital structure documents. Beyond coursework, any clinic that develops client-facing skills is valuable. I didn’t take Bankruptcy courses, but strong research and writing from my legal writing courses carried over. I was also on my law school’s Dispute Resolution Society negotiation team and later coached it, and those negotiation skills translate directly to restructuring.
What do you like best about your practice area?
Anu: I’m drawn to the hybrid and highly creative nature of restructuring. We negotiate complex transactions and then present them to a court of equity focused on fair outcomes, which pushes us to craft solutions that bring stakeholders together. I enjoy being an honest broker and driving everyone toward consensus—even when we start in an adversarial posture—and developing the strategy to get there. Restructuring constantly evolves in terms of legal outcomes and strategies. No two cases begin or end alike, and the issues that arise are often unique to a particular industry or business. This variety, pace, and collaboration keep the work intellectually engaging.
What is unique about your practice area at your firm?
Allie: The hybrid nature of restructuring and the breadth of associate responsibilities from day one are unique. I blend corporate deal work with litigation: drafting deal documents and then researching, writing, and even presenting first-day motions in court as a junior. We quarterback cross-functional teams across the firm and coordinate external advisors as well as board and independent director meetings. You can tailor your path, pursuing pure adversary, pure transactional, or a mix, and those skills translate to pro bono litigation, a part of my practice that I find particularly fulfilling.
What are some typical tasks that a junior lawyer would perform in this practice area?
Anu: Junior associates take on wide-ranging, substantive work early. You’ll research legal and practical precedents, draft pleadings and transaction documents, and join diligence and client-facing calls to gather facts. Because bankruptcy moves fast and generates substantial filings, we entrust responsibility to associates to maintain team efficiency. This means early court and client exposure and helping the team implement deals, providing a hands-on, iterative learning environment that accelerates growth.
Allie: Junior associates take real ownership early. You’ll be responsible for multiple work streams and documents on a matter, coordinating calls, managing documents, and drafting first-day pleadings and deal documents. You’ll prepare for and attend board meetings, take minutes, and coordinate across advisors and multidisciplinary teams and may earn the opportunity to argue first-day motions in court. Because we staff leanly, you work directly with partners and assist on deal documents such as term sheets and debtor-in-possession/ credit agreements.
What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?
Anu: Build and nurture your relationships and establish an internal network across the firm. Identify your go-to colleagues in tax, employment, governance, IP, and finance and develop peer connections that grow over time. Restructuring requires the skill and foresight to spot issues across disciplines and know when to bring in the right team. Working with as many people as possible and staying proactive in coordinating cross-practice teams will make you more effective and adaptable.
Allie: Keep an open mind and try everything, from adversary work to deal work and out-of-court matters. Treat unfamiliar assignments as chances to build your toolbox so you can earn trust and responsibility to run work streams early. Seek mentors who will loop you into substantive work streams, including partner and client meetings, and explain the “why” behind tasks. On-the-job training is a major part of restructuring, so the more adaptable you are, the faster you’ll develop your practice as a whole.