Kirkland Tops List of Major Debtor Retentions in 2025 Bankruptcies

Kirkland & Ellis topped a recent ranking of debtor retentions in large 2025 bankruptcies. Josh Sussberg was also recognized as the country's busiest Big Law partner by debtor count with nine retentions in 2025.

Kirkland & Ellis was retained as debtor counsel in large bankruptcies more often than any other Big Law firm in 2025, according to a recent report on bankruptcy advisory retentions by BankruptcyData.com.

Kirkland was retained in a total of 13 bankruptcies to represent debtors that were either public companies or companies with at least $10 million in assets or liabilities, per the report.

Latham & Watkins came second with eight retentions, followed by Weil, Gotshal & Manges with seven.

The busiest restructuring partner of 2025 by debtor retentions was Kirkland's Joshua Sussberg, who worked on nine large bankruptcies over the course of the year, including Claire's Holdings, Global Clean Energy Holdings and Marelli Automotive Lighting.

In Unsecured Creditors' Committee retentions, McDermott Will & Schulte led the way in Big Law retentions with 10 cases in 2025, although it was bested by the 15 UCC retentions for corporate restructuring boutique Pachulski Stang Ziehl & Jones.

Brown Rudnick, Lowenstein Sandler, and Cole Schotz rounded out the top five firms for UCC retentions in 2025.

Gibson, Dunn & Crutcher led retentions by ad hoc groups with seven, followed by six retentions for Davis Polk & Wardwell, five for both Paul Hastings and Paul, Weiss, Rifkind, Wharton & Garrison, and four for Ropes & Gray.

Meanwhile, Holland & Knight led the way in retentions by lenders, agents and indenture trustees with 16 total cases, followed by Norton Rose Fulbright with 15, Foley & Lardner with 14, ArentFox Schiff with 13, and Seward & Kissell with 12.