Stephen Sitley Speaks With Law360 Pulse for Article on How General Counsel May Effectively Manage Bankruptcies
Chicago Partner Stephen Sitley recently spoke with Law360 Pulse for an article, titled, “'A Whole New World': How GCs Can Navigate Bankruptcies.” The article, which features perspectives of attorneys who served as General Counsel before joining law firms, discusses how in-house counsel may work with outside counsel to handle bankruptcies in an effective manner, while managing internal communications as well.
Chicago, Ill. (April 28, 2023) – Chicago Partner Stephen Sitley recently spoke with Law360 Pulse for an article, titled, “'A Whole New World': How GCs Can Navigate Bankruptcies.” The article, which features perspectives of attorneys who served as General Counsel before joining law firms, discusses how in-house counsel may work with outside counsel to handle bankruptcies in an effective manner, while managing internal communications as well.
As the article explains, “Most general counsel lack the insider knowledge to handle a bankruptcy process because they haven't been through it and it's not intuitive, which is why lining up trusted external lawyers — long before the crisis hits — is crucial. . . .” In addition, the article notes that “balancing the crisis on top of the daily needs of the law team,” may prove challenging for General Counsel.
Mr. Sitley, who formerly served as General Counsel and Chief Compliance Officer at Sears Holdings when it entered bankruptcy in 2018, told Law360, "The one thing you have is your own personal brand — your reputation, your sincerity, your [honesty] and trustworthiness — and you want to maintain that while obviously helping the company. . . . That's a challenge for a GC." Mr. Sitley also explained that after a company files for bankruptcy, legal chiefs still need to manage other issues, including communicating with employees and evaluating the size of their teams. He further noted that although these issues can be personally and emotionally difficult, having a bankruptcy plan in place allows General Counsel to handle the process with greater ease.
Mr. Sitley is a member of Lewis Brisbois’ Labor & Employment Practice. He has practiced in the labor and employment and commercial litigation arenas for over three decades. Highly skilled in delivering practical, business-focused advice, Mr. Sitley regularly advises C-suite leaders and boards of directors on an array of legal issues. These include governance, financing transactions, procurement, mergers and acquisitions, contracts, litigation, employment, IP, marketing, privacy matters, and information security.
Read the full Law360 Pulse article here (subscription may be required).