The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Erin Rosenberg is a partner in White & Case’s financial restructuring and insolvency (FRI) practice. She has significant experience representing Chapter 11 debtors, secured and unsecured creditors, and official unsecured creditors’ committees in complex bankruptcy proceedings, as well as handling related commercial litigation and appellate matters. Prior to joining White & Case, Erin served as staff counsel at the U.S. Court of Appeals for the Fourth Circuit and clerked for the Honorable Martin L.C. Feldman of the U.S. District Court for the Eastern District of Louisiana.
Erin’s recent work includes representing Zachry Holdings, Inc., and ConvergeOne Holdings, Inc., as debtors in their respective Chapter 11 cases; KKR as pre-petition lender in the Chapter 11 case of Powin, LLC; and the litigation administrator for Celsius Network LLC and its affiliated post-effective date debtors. Other representative matters have included advising the Boy Scouts of America and Hertz Global Holdings on their Chapter 11 cases and various official committees, lenders, and creditor groups in cases including Rite Aid, iHeartMedia, Mallinckrodt, Cox Operating, National CineMedia, GCX Ltd., Sanchez Energy, and Acosta, Inc.
Describe your practice area and what it entails.
I practice in FRI, where I focus on advising clients involved in complex corporate and financial restructurings with significant litigation components. I provide strategic advice on all aspects of bankruptcy proceedings and related matters to a diverse set of clients across industries and situations. This often involves collaborating closely with colleagues in other practice areas and offices worldwide. Ultimately, the goal is to leverage the firm’s wide range of expertise to create tailored, comprehensive solutions designed to maximize value and achieve business objectives.
What types of clients do you represent?
I represent all types of clients as parties in interest in bankruptcy proceedings, including debtors, creditors, investors, financial institutions, official committees, special committees, and litigation trustees.
What types of cases/deals do you work on?
I work on all types of situations across industries, including energy, retail, entertainment, financial services, transportation, cryptocurrency, automative, and healthcare. Recent cases involved companies engaged in medical device manufacturing, battery storage, cryptocurrency trading, and technology services. Matters can range from evaluating distressed investment opportunities, helping companies and lenders contingency plan before a bankruptcy filing, and litigating or otherwise resolving issues in bankruptcy or other related proceedings, including formulating plans of reorganization, negotiating settlements, and pursuing appeals, for example.
How did you choose this practice area?
I chose the practice area because it is dynamic, fast-paced, high-stakes, and in-demand. The work is engaging and impactful, there’s immediate access to opportunity, and the ceiling is very high. For me, these were all important qualities to look for in a career. From the beginning, I was focused on finding the right fit not just for immediate purposes when starting out as a junior associate but also for planning long-term. I’d encourage anyone starting out to think both about what’s important to them now and what they think will continue to drive them going forward.
What is a “typical” day like and/or what are some common tasks you perform?
Each day is different, but common tasks include drafting filings, negotiating with other parties, appearing in court, researching industries and situations, and working closely with clients and other advisors to develop strategy. Some days, you’re locking in and diving deep, and other days, you’re switching between a dozen or more tasks. You’re often collaborating closely with the client or with any number of other colleagues, either within the restructuring group or other practice areas at the firm or at other shops.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
In terms of classes, Bankruptcy, Business Enterprises, and Secured Transactions are all musts. You also may want to consider Evidence, Trial Advocacy, Negotiation, and any advanced transactional seminars your school may offer.
As for extracurricular activities, being involved in a clinic, judicial externship, moot court, or journal can each be helpful in different ways. Pursue whichever of these opportunities is available to you, and whatever you do, make the most of it by giving it your all. Focus on developing qualities that can help you in a complex, high-stakes practice: home in on details, think both critically and creatively, develop endurance, and be quick on your feet. Ultimately, the practice requires a combination of skill sets, so getting exposure to a range of experiences and used to being nimble are key.
What do you like best about your practice area?
What I like best about the restructuring practice is that it’s always evolving. Each case presents something new and different, but at the end of the day, it’s grounded in a code (i.e., the Bankruptcy Code). To me, it’s the best of both worlds. There’s some black and white and some shades of grey—not always one or the other. There’s also this throughline that allows you to develop enduring expertise but that still leaves plenty of room for there never to be a dull moment.
What is unique about your practice area at your firm?
A really unique thing about the FRI group at White & Case is the variety of mandates we take on. We represent companies, banks, bondholders, contract counterparties, committees, sovereigns, post-confirmation trustees—you name it; I could go on. We do it all and at the highest level, which keeps things exciting. Not all firms operate that way, and it’s also not for everyone, but I enjoy it. Some prefer a more specialized practice, but for me, variety is the spice of life!
What are some typical tasks that a junior lawyer would perform in this practice area?
Typical tasks that a junior lawyer in a restructuring practice might perform include reviewing diligence materials, performing legal research, and drafting filings. For example, you might be tasked with reviewing loan documents or other contracts to identify provisions that could impact the restructuring process in any number of ways. You might be tasked with researching bankruptcy or other federal or state law issues and analyzing how the law applies to the facts presented in your case, either analogizing or distinguishing. You could also be tasked with developing and drafting arguments to include in briefings to be filed with the court or may be first to draft a memorandum to the partners or the client. Overall, you can expect to perform a variety of tasks that will allow you to develop a range of knowledge and skills.
What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?
My advice: be humble! Stay open-minded and don’t rush the process. You will be expected to have both deep and wide-ranging expertise, but through hard work and persistence, it will come in time. As you get started, focus on developing solid foundations, learning how to leverage others’ expertise, being a good team player, and remembering to have fun. A positive attitude, willingness to roll up your sleeves, and a healthy dose of resilience will take you far. That’s true both in bankruptcy practice and overall in life.