Paul, Weiss, Rifkind, Wharton & Garrison said on Thursday that James Sprayregen will become a partner and co-lead its restructuring and debt capital solutions practice. The move reunites a high-profile bankruptcy lawyer with a major Wall Street law firm and represents the latest partner hire in a period of accelerated recruitment at Paul Weiss.
Sprayregen founded Kirkland & Ellis’ restructuring group in 1990 and, over more than three decades, helped build the firm into a leading adviser on Chapter 11 matters. Under his leadership, Kirkland served as counsel in high-profile reorganizations for clients including Caesars, retailer Toys "R" Us, and United Airlines. Kirkland’s focus on restructuring work contributed to substantial revenue growth for the firm; the firm reported revenue in 2025 that exceeded $10 billion, an increase of 20% from the prior year.
Sprayregen’s career has included a three-year departure from Kirkland beginning in 2006 to work at Goldman Sachs before returning to the law firm and eventually retiring. In 2024, he left Kirkland again to take a role at Hilco Global as vice chairman of global strategy and growth. Paul Weiss described his arrival as part of an effort to deepen its bench in corporate restructuring and related capital work.
The hire comes after Scott Barshay assumed the role of chairman earlier this year, following the resignation of Brad Karp. Since Barshay became chairman, Paul Weiss has added multiple partners; the firm reported five partner hires in June alone. Barshay called Sprayregen a "superstar lawyer" and a longtime friend in remarks released by the firm.
Alongside the announcement of Sprayregen’s hire, Paul Weiss said that Paul Basta, a partner since 2017 and co-head of the firm’s restructuring practice, will step down at year-end as part of a planned succession process. Paul Basta stated he would support the leadership transition.
Sprayregen issued a statement describing Paul Weiss as "a true restructuring powerhouse." The balance of leadership changes and partner recruiting at the firm signals a period of transition and renewed emphasis on its restructuring capabilities.
Bankruptcy and restructuring engagements can be significant revenue drivers for large law firms. Corporate reorganizations frequently require extensive legal teams and may extend over many years, creating sustained demand for specialist legal services. Paul Weiss’ recent hiring activity and the announced succession in its restructuring practice underscore the firm’s focus on maintaining strength in this area.
Additional context present in the announcement
- The appointment of Sprayregen is part of a broader recruitment effort by Paul Weiss under new leadership.
- Paul Basta will step down from co-heading the restructuring practice at year-end and will aid in the succession process.
- Paul Weiss hired five partners in June, reflecting an active period of expansion.