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In a significant move to enhance its restructuring and bankruptcy capabilities, Latham & Watkins LLP has successfully recruited Ryan P. Dahl, former chair of Ropes & Gray LLP’s business restructuring practice, along with two additional Ropes restructuring partners. This strategic hiring underscores Latham’s ambition to build deeper bench strength in a high-stakes area of corporate law.
A Strategic Lateral Move
Ryan Dahl, who joined Ropes & Gray in late 2020 and divided his time between the Chicago and New York offices, is well known in the restructuring space. Before his tenure at Ropes, Dahl held roles at Weil, Gotshal & Manges LLP and Kirkland & Ellis LLP. At Ropes, he led complex restructuring and bankruptcy engagements on both the debtor and creditor sides, representing sophisticated clients such as Wolfspeed Inc. and Altice France.
Complementing Dahl’s arrival are Natasha S. Hwangpo and Benjamin M. Rhode, both of whom worked alongside Dahl in Ropes’ restructuring team. Their movement signals that Latham is not just acquiring one “star” practitioner but importing a small, battle-tested team.
Latham’s announcement of the hires underscores its aim to deepen its capacity in restructuring and distressed deals, both in-court (Chapter 11 / formal insolvency) and out-of-court (liability management). The firm clearly views this as a timely investment: global economic uncertainty, interest rate pressures, and debt overhangs are creating fertile ground for distressed and restructuring work.
Context: Competitive Landscape in Big Law Restructuring
To understand the import of this move, it helps to view it in the competitive terrain of large law firms battling for restructuring mandates. Recently, Kirkland & Ellis has dominated in terms of volume of marquee bankruptcies and “mega” Chapter 11 cases (those crossing thresholds in creditor count, public interest, or size). But rival firms have been pushing aggressively to close the gap, often by luring restructuring talent from Kirkland or other firms. Latham itself has been active in this regard, adding laterals and building teams to augment its client offerings.
For example, Latham previously hired John Sobolewski from Wachtell, who now leads its liability management practice, and Andrew Parlen from Paul Weiss to helm its U.S. restructuring group. These hires reflect the firm’s strategy to assemble a full spectrum of capabilities—handling everything from debt workout, litigation, creditor representation, to in-court reorganizations.
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Meanwhile, Ropes & Gray and Weil have maintained visibility in restructuring circles, each periodically winning high-stakes engagements. But for Ropes, losing Dahl and his teammates could represent a shift in talent and momentum.
In mid-2025, Dahl himself noted that out-of-court liability management transactions are increasingly accepted by market participants, complementing traditional Chapter 11 cases. That shift reflects broader trends: distressed actors often prefer negotiation and restructuring deals without formal bankruptcy.
What Dahl Brings — And What’s at Stake
Dahl’s experience spans both sides of the restructuring equation—debtor advice, creditor representation, litigation, and negotiations. That versatility is especially valuable in volatile markets, when clients’ needs may shift across the spectrum of distress resolution tools.
Bringing in a team (Hwangpo, Rhode) rather than a solo laterals is also a smart move: it helps preserve institutional synergy, maintains client relationships, and accelerates the integration of workstreams after the move. For Latham, this allows them to more seamlessly absorb new clients and ongoing cases without the usual friction of new hires rebuilding relationships from scratch.
From Ropes & Gray’s vantage point, losing these key players may require compensation through internal elevation, further lateral recruitment, or refocusing of priorities. But Ropes remains a highly regarded full-service law firm and is likely to reassert its restructuring credentials through new talent and ongoing mandates.
At Latham, the hires also send a message to clients and the market: the firm intends to compete more vigorously for restructuring and distressed work. Given the broader environment—consolidation pressures, rising defaults in certain sectors, and capital structure stress—law firms that want to lead must bring both scale and depth in sophisticated restructuring.
Broader Implications for the Restructuring Market
- Talent competition escalates
This is another high-profile lateral win in the restructuring world, reflecting how in-demand top practitioners are. Firms are increasingly using talent acquisition as a lever to gain market share and credibility in the restructuring space. - Restructuring work is evolving
As Dahl has observed, out-of-court solutions such as liability management and debt exchange deals are growing in the mix alongside traditional bankruptcy work. Firms need to offer clients holistic playbooks that span both negotiated and judicial paths. - Client expectations for scale and responsiveness
Distressed companies, lenders, and creditor committees expect deep bench, cross-office coverage, and the ability to assemble cross-disciplinary teams (e.g. restructuring, capital markets, litigation). Latham’s acquisition of Dahl and colleagues directly strengthens that capability. - Pressure on midsize and boutique restructuring firms
The differentiation advantage may tilt toward large firms that can offer a full suite of services globally. Boutique firms will need to specialize or carve out niches if they want to survive. - Restructuring as a strategic growth area for law firms
With macroeconomic headwinds and corporate stress mounting, law firms see restructuring as a growth area. Successful hires and expansion in this domain serve as both prestige plays and business drivers.
Concluding Thoughts
By recruiting Ryan Dahl and two seasoned restructuring partners from Ropes & Gray, Latham & Watkins is signaling a serious intent: to elevate its position in the restructuring and distressed-debt arena. The hires give it new depth, client relationships, and firepower to compete with firms like Kirkland, Weil, and others already entrenched in mega bankruptcy and liability management work.
The timing is right. As more companies face capital strain, debt maturities, and market volatility, demand for sophisticated restructuring advice is likely to grow. Clients will gravitate toward firms that can deliver both creativity and scale in restructuring solutions.
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