The Nuts & Bolts of Retention

Webinar Overview

A company does not usually need anyone’s permission to hire an attorney, nor does an attorney normally need anyone’s permission to represent a company. Yes, there are ethical rules that govern conflicts of interest. So, for example, the same law firm usually cannot, for example, represent both the buyer and the seller of a company. Things are different in bankruptcy, and the topic of conflicts of interest is more complicated. Even a small company may have dozens of creditors; a large company may have thousands. May a law firm represent a Chapter 11 debtor if it also represents one or more of its creditors? That’s one question covered by this webinar. What if the law firm is itself a creditor of the debtor? May it represent the debtor despite this fact? Doesn’t its status as a creditor put it in an inherent conflict position? That’s another question covered by this webinar.

Taking a step back, these conflict issues are not limited to attorneys. Other professionals (accountants and investment bankers, for example) are also subject to specific rules unique to bankruptcy. Taking another step back, these rules cover more than conflicts of interest.

The bottom line is that being retained by a debtor in Chapter 11, while an essential first step, a professional must obtain court approval of its retention as a critical second step – at least if the professional wants to be paid. This webinar explains the process for getting retained as a professional in a Chapter 11 case. It discusses the requirements for obtaining court approval, the requirements for disclosing connections, and the rules regarding conflicts of interest.

Other Webinars in this Series

• The Nuts & Bolts of a 363 Motion (Premiered on May 20, 2025)