Bankruptcy practices for work coming out of the U.S. might not be as attractive in Big Law as they once were, but U.S.-based law firms are handling a large volume of restructuring work out of Latin America, where companies have received little government support during the pandemic.

Data compiled by Debtwire shows Cleary Gottlieb Steen & Hamilton as lead counsel on nine restructurings that commenced in 2021, the most of any law firm. Cleary is followed by Davis Polk & Wardwell and Brazilian boutique Padis Mattar Advogados, each of which took on four restructurings last year.