By David Thomas
June 25 (Reuters) - James Sprayregen, who over three decades built the restructuring practice of Kirkland & Ellis and turned it into the go-to law firm for distressed companies, is joining law firm Paul, Weiss, Rifkind, Wharton & Garrison, the firm said on Thursday.
Sprayregen will co-lead the restructuring and debt capital solutions practice at Paul Weiss, the firm said.
Sprayregen, who founded Kirkland & Ellis' restructuring group in 1990, left the law firm in 2024 to become the vice
chairman of global strategy and growth at the private investment firm Hilco Global.
Kirkland under his watch grew to become a top adviser to companies in the midst of Chapter 11 bankruptcies, including Caesars, retailer Toys "R" Us, and United Airlines.
The Chicago-based lawyer had left Kirkland in 2006 for a three-year stint at Goldman Sachs, before returning to the law firm and later retiring from Kirkland.
His imminent arrival at Paul Weiss would be the latest in a series of partner hires the firm has made since tapping Scott Barshay to take over as chairman following the resignation of Brad Karp as its leader earlier this year.
In June alone, the Wall Street law firm said it has hired five partners.
Barshay on Thursday called Sprayregen a "superstar lawyer" and longtime friend.
Bankruptcy work can be a major source of revenue for large law firms, as corporate restructurings often require armies of lawyers and sometimes drag on for many years. Kirkland's revenue in 2025 crossed the $10 billion threshold, a 20% increase from the prior year.
Sprayregen in a statement called Paul Weiss "a true restructuring powerhouse."
Paul Weiss on Thursday also said Paul Basta, a partner since 2017 and co-head of the firm’s restructuring practice, will step down at year-end as part of a long-term succession plan. Basta said he would help support the leadership transition.
(Reporting by David Thomas. Additional reporting by Mike Scarcella in Washington; Editing by Sanjeev Miglani)
