Crain’s NY has written extensively about the bankruptcy boom and what it means for the abundance of restructuring talent we have here in NYC. They quoted me on my thesis that the lawyer crowd has replaced the finance crowd in many of our best steakhouses.
Here’s the piece, from the New York, New York section:
In a bankruptcy boom, lawyers feed on fallen companies—but they also feed on steak, says Joshua M. Brown, the blogger behind The Reformed Broker.
Mr. Brown has been observing the crowd at Bobby Van’s in the lobby of his midtown building. “There is a distinct ebb and flow of the types of people in there,” he says. “Right now, I can definitely say the lawyer crowd outweighs the finance crowd by a lot.” How can he tell the difference? “Let’s just say there’s a little less swagger in the bar area.”
Mr. Brown identified the steakhouses nearest the busiest bankruptcy law firms—and predicts they will be victims when the bankruptcy bubble bursts.
Rothmann’s Steakhouse, he notes, is around the corner from turnaround firm Alvarez & Marsal, Uncle Jack’s is just blocks from law firm Weil Gotshal & Manges, Shula’s steakhouse is near Skadden Arps Slate Meagher & Flom, and Gallagher’s is near restructuring firm AlixPartners.