- March 1, 2023
- Posted by: Gill Hadley
- Category: Uncategorized
Legal practice areas Insolvency law and restructuring
Restructuring and insolvency lawyers are lawyers who act on behalf of their clients (either corporations or individuals) with financial issues. Restructuring is typically the first step in reaching an agreement with creditors to pay back the debt without the client being insolvent.
What are the responsibilities of lawyers who specialize in restructuring and insolvency work?
As a restructuring lawyer you may represent either creditors or debtors. Your work would be non-contentious and involve negotiations of agreements and repayment plans to help the creditor pay the debt off without being insolvent.
In the capacity of an insolvency lawyer you could be representing either creditors or debtors however, the process will be a source of contention. Insolvency lawyers work throughout the process of insolvency including negotiating voluntary arrangements, through administration and receivership. They are also involved during the liquidation phase in which the company or individual’s assets are utilized to pay the outstanding amount owed.
The specific nature of the job will be contingent on the type of business you are working for as well as those clients that you work with. For example, City firms tend to be more likely to work as investors or banks when it comes to large corporate restructurings as well as insolvency. Smaller firms typically represent smaller businesses or individuals who are in financial trouble.
What skills are needed?
A keen interest in the field of business and finance is an essential requirement for this field of law. To assist clients on all aspects of restructuring their company it is necessary to be extremely knowledgeable about commercial awareness as well as excellent communications skills to handle clients in difficult circumstances.
Communication skills are essential in negotiations with debtors or creditors (depending on the side you’re representing) or taking on behalf of your client or working with others involved in this process including accountants, liquidators and liquidators.
It is a highly academic Legal practice field that encompasses numerous fields, including banks, commercial and litigation. You’ll have to be able absorb huge volumes of documents and make informed judgements quickly.
How do I get involved in the law of restructuring and insolvency?
If you’re able to qualify for the SQE, you’ll have to also successfully complete two years of qualifying Work Experience (QWE). To get ready for the SQE exam, we suggest that you study any of our SQE classes designed by our experts. specifically designed to provide you with the necessary knowledge and skills to have a an effective career as a solicitor.
If you’re qualified to study the LPC and are eligible, you’ll have to sign an apprenticeship contract for two years with an attorney firm. To determine which route is the best one for you, check out our How to become a Solicitor page.
After you have completed your two-year contract of training also known as QWE. You are able to submit an application to Solicitors Regulation Authority (SRA) to become solicitor.
To be a barrister you must have the undergrad law course or, if have not graduated from law school or you will need to complete a change course prior to completing an the Bar Legal practice Course (BPC). After that, you must obtain admission to the bar.
You may also choose to study an Master of Law (LLM) in Banking and Debt Finance and the LLM on International Finance Law to equip you with the necessary experience and expertise to advance into this field.
Working experience in this field is just as important as being able to qualify as a solicitor. Therefore, having as much restructuring or experience in the field of insolvency as you can is beneficial. You can enter the business with a non-law bachelor degree. A large number of lawyers come from the financial and restructuring sectors to become insolvency and restructuring lawyers. In addition, you must go through all the steps for becoming a licensed solicitor.
Restructuring and Insolvency law expertise
We have an employment team can assist you to gain knowledge in law firms that specialize in restructuring and bankruptcy through internships, online work experience, pro bono initiatives and opportunities for training.
How much is the pay of a restructuring and bankruptcy lawyer?
A postgraduate who has recently graduated from an organization outside of the city or a smaller insolvency practices could make between PS25,000 and PS35,000. A typical lawyer salary for restructuring and insolvency for a solicitor in London is anywhere between PS46,000 and PS75,000 with five years of experience, as per Reed.co.uk. For lawyers with more than 10 years of experience the cost of a commercial lawyer’s salary could be as high as PS100,000 to PS50,000. Lawyers who reside in London and larger cities typically be paid more. The estimates are constantly evolving with the changing landscape of the market for employment. Always keep track of the average salary when you apply for positions.