Douglas Spelfogel joined Foley from Baker & Hostetler, where he led its bankruptcy practice since 2006. While the bankruptcy boom has been under way for more than a year, Spelfogel said Foley foresees continued growth in the area "for some time going forward" and plans to make more hires in the area.
"Even though there is some talk that we're out of a recession, the credit markets remain tight, and the ramifications are going to likely continue for a while," Spelfogel said.
The main reason he moved, he said, was to join a larger firm. He said he brought over "the majority of my practice, which includes a significant number of national cases." Spelfogel said he will continue to represent client Wilmington Trust Corp. in the Chapter 11 proceeding for General Growth Properties Inc., and in matters arising out of the August seizure of Guaranty Bank in Austin, Texas.
Spelfogel said he will be hiring new lawyers to the practice at the associate and partner level "in a relatively short period of time." Foley has in recent months been pushing to strengthen its New York practice, with seven lateral hires in its intellectual property, litigation, and energy practices.