In the wake of Bingham McCutchen’s collapse, legal professionals from the imploded firm continue to seek out new platforms. The latest firm to recruit a former Bingham attorney is Hogan Lovells.
Ron Silverman, who joins the New York office of Hogan Lovells as a partner, advises financial institutions, asset managers, and investors on restructurings and distressed acquisitions. His practice encompasses debtor- as well as creditor-side representations.
In a discussion with IFLR1000, Silverman emphasized his continued focus on international energy restructurings. He said that he sees plenty of demand for expertise in this area, in a global market where oil prices’ sudden drop from over $100 a barrel to $50 a barrel challenges many companies’ business plans.
“Oil hasn’t been at that level for several years. If you didn’t account for that shift, if you’ve got a certain capital structure, have borrowed a certain amount, and have built a business, and all of a sudden your revenue falls in half, that makes for a restructuring,” Silverman said.
Silverman said that obviously, the price swing has – quite understandably – caught many people in the industry by surprise, and that it is hard to react quickly in the face of such an abrupt drop in the price of goods that one sells.
“The global work fluctuates as the various parts of the global economy also fluctuate. The experience has spanned a lot of different jurisdictions through difficult times. It’s hard to say it’s just the larger jurisdictions. Mexico and Brazil have restructuring work, but there’s work to be done in countries like Colombia as well,” he continued.
The thirst for opportunity continues far beyond Latin America. Exploration is underway in Tanzania and the Congo, Silverman noted, and there are abundant and increasing opportunities in Asia.
“Restructurings in Asia are going to continue to expand, not because Asian countries are entering into particular downturns, but because, on the contrary, their economies are growing, and the more they grow, the more they come into contact with Western capital. Compared to ten years ago, there is a much greater amount of Western capital involved in Chinese companies, and we will continue to see more of it.”
Silverman holds a J.D. from University of Connecticut School of Law and a B.A. with honors from Trinity College.