Abid Qureshi Quoted in Am Law Article on Expected Uptick in Restructuring Work Amid Coronavirus Outbreak

Akin Gump financial restructuring partner Abid Qureshi has been quoted by The American Lawyer in the article “As Coronavirus Ravages the Economy, Bankruptcy Attorneys Prepare for the Flood.” The article reports on how large law firms are preparing for an uptick in bankruptcy work in light of the coronavirus pandemic.

Qureshi observed, “Not surprisingly, given the unprecedented scale and scope of the crisis, I’ve never seen anything like it. It is resulting in an enormous increase in the volume of activity from our clients as everyone tries to figure out how to triage and deal with this crisis.” In fact, he said, clients who normally work with other groups in the firm, including tax, labor, public policy, corporate and energy attorneys, who also have experience doing restructuring work for their respective industries, have been asking for advice.

“We’re hearing from clients who a month ago were not expecting to need to look at restructuring alternatives and contingency planning,” Qureshi said. “We’re hoping the crisis will be a short one, but responsible companies need to look at all scenarios.”

Akin Gump, Qureshi noted, is well positioned to handle any uptick in work as well as increased volume down the road, though he added that this is different from other crises.

“Compared to the 2008 financial crisis and the Lehman Brothers bankruptcy filing, the scope is far broader. The longer it persists, the more sectors of the economy and industries will be affected,” Qureshi said. “Another factor has also emerged, in that we fully expect a massive government intervention, not only in this country but across the globe. Since not much is known at this point, exactly how this all plays out is yet to be seen.”