James Sprayregen, the renowned bankruptcy attorney who spent three decades building Kirkland & Ellis into the dominant debtor-side practice, has joined Paul Weiss as a partner. The move comes after Sprayregen reached Kirkland's mandatory retirement age of 65 in 2024, following a brief stint as a Goldman Sachs banker in the late 2000s.

Sprayregen spent the past year at Hilco Global, where he helped negotiate a majority stake sale to Orix Group's US affiliate. His decision to return to legal practice stems from a desire to get back into "legal jousting in boardrooms and courtrooms." The firm's restructuring co-head Brian Hermann noted that Sprayregen allows Paul Weiss to pursue bigger cases they couldn't access previously.

The hire signals intensified competition among elite law firms for restructuring work, where partners can command nearly $3,000 per hour and cases generate tens or hundreds of millions in fees. Paul Weiss has historically focused more on creditor-side assignments, representing groups like Apollo Global Management, but now seeks balance with debtor representations.

Paul Basta, Paul Weiss's current top debtor-practice lawyer, will depart later this year. This follows other Kirkland departures to Latham & Watkins and Simpson Thacher, creating renewed rivalries among mega-firms. Sprayregen dismissed any tension with his former employer, saying he simply "changed my jersey."