Wiley Rein confirmed Thursday afternoon its decision to separate its eight-lawyer bankruptcy and financial restructuring practice following a strategic review, American Lawyer reported today. The 277-lawyer firm, whose only office is in Washington, D.C., saw gross revenue remain flat last year at $232 million as profits per partner increased slightly to nearly $1.2 million, according to The American Lawyer annual Am Law 200 data. “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/of counsel retreat,” said a statement by managing partner Peter Shields, who took over the firm’s top leadership post three years ago from cofounding partner Richard Wiley. H. Jason Gold, the chair of Wiley Rein’s bankruptcy practice, said that as an independent group “dedicated to offering bankruptcy and restructuring services, we will have enhanced flexibility and the opportunity to provide even greater value to our bankruptcy clients.”
