And the company recently hired Weil, Gotshal & Manges, a law firm with a noted bankruptcy practice.

The competition focuses on significant issues in bankruptcy practice.

Weil, Gotshal has one of the largest bankruptcy practices, a category that has recently flourished.

Before being elevated to the bench, he headed the bankruptcy practice at Richards, Layton, and Finger.

The firm also has a very successful bankruptcy practice, representing large businesses in Chapter 11 proceedings.

The renaissance in bankruptcy practice is coming at a time when the major law firms are suffering from the slump in Wall Street.

While most bankruptcy practices avoid conflicts because they represent either debtors or creditors, Weil, Gotshal does a heavy amount of both.

In 2007, the firm brought in Richard Levin from Skadden, Arps to boost its new bankruptcy practice.

"When I came to Weil, no other major firm had a bankruptcy practice," he said.

Paul Traub becomes partner, and co-chair of the bankruptcy practice.