In Detroit’s ruin, law firms see land of new opportunity

With more than US$18 billion at stake in Detroit’s restructuring, big law firms and other advisers are clamouring to represent the city’s many creditors - including some advisers not exactly known for municipal work.

The city, which filed the largest-ever US municipal bankruptcy on Thursday, tapped high-priced lawyers from Jones Day, financial advisers from Ernst & Young and restructuring consultants from Conway MacKenzie, court papers show.

via Business feed http://www.scmp.com/business/economy/article/1288294/detroits-ruin-law-firms-see-land-new-opportunity