vol 22, num 2 | July 2024
 
 
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Stepping Up: Transitioning Successfully to a Mid-Level Bankruptcy Associate
Samantha Ruben
 
Samantha Ruben
Dentons US LLP
Chicago
 
Elysa Chew
 
Elysa Chew
Dentons US LLP
Chicago
 
 
Transitioning from a junior bankruptcy associate to a mid-level bankruptcy associate can sometimes feel like climbing the staircases at Hogwarts: difficult and uneasy at first, but it eventually becomes second nature. As a junior associate, one learns the fundamentals of bankruptcy law, fine-tunes research skills, and finds an understanding of how to work with managing and senior associates and partners. Stepping into a mid-level position requires letting go of the handrails and transitioning into managing up and down, engaging with clients, and running the day-to-day of cases.

This ascension up the hierarchical legal staircase happens over time (rather than the day your title changes). While we are by no means experts, we want to offer a few tips and tricks we have picked up throughout our personal transitions from junior to mid-level bankruptcy associates in the hopes of making the transition as smooth as possible for others in the future.

The Role of a Junior Associate
There is a reason junior associates are sometimes referred to as “baby lawyers.” A first-year associate is much like a newborn baby, dropped in an unfamiliar place where they must learn almost everything about the work of actually being a lawyer. On-the-job training takes on a whole new meaning as a first-year associate. For Elysa, she still remembers the time a partner kept asking her to put the “caption” on a pleading but had no idea what that meant! She kept writing the name of the case in bigger and bigger font at the top of the page until her assistant finally took pity and showed her what a case caption was in a pleading.

 
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Japanese Version of Debtor-in-Possession Financing: Overview and Recent Trends
Midori Yamaguchi
 
Midori Yamaguchi
Mori Hamada & Matsumoto
Tokyo, Japan
 
 
Debtor-in-possession (DIP) financing is known as the supply of additional financing to financially distressed debtors undergoing insolvency procedures. This kind of loan has become an essential component of restructuring as rescue financing for debtors on the verge of cash shortages.

Historically, the U.S. developed legislation in favor of DIP lenders by giving special protection to DIP loans under chapter 11, Title 11 of the U.S. Code (the Bankruptcy Code). It has promoted DIP loans, resulting in a large DIP-financing market.

Japanese law has also protected, to some extent, rescue financing during in-court and out-of-court restructuring procedures. The following is an overview of the legislative provisions and practical methods adopted to protect rescue financing in Japan, with some comparisons to the U.S. legislation.

 
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