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NRA Bankruptcy: Enter Kirkland?

posted by Adam Levitin

The latest development in the NRA bankruptcy is the NRA's motion to retain Kirkland & Ellis as special counsel.  The retention seems to be for appellate issues, and the partner submitting the retention affidavit is an appellate specialist, not a bankruptcy lawyer. Yet this raises the question why Kirkland, which has long represented the NRA in various matters, is not the NRA's bankruptcy counsel. Kirkland has one of the top chapter 11 practices in the US. You'd think that they'd be the first place the NRA would turn if it was thinking about bankruptcy.🧐

Oh yeah, in the spirit of economy, Kirkland is giving the NRA a 15% discount from its normal rates. I get that it's a nonprofit, but there's something ironic about giving a solvent debtor a discount, but charging full freight to the ones that are broke. Also, does that count as a charitable contribution? 

Update:  Maybe I wrote too soon. The notice address given for Kirkland is for Ryan Bennett a restructuring lawyer out of Chicago, not part of the DC-based appellate practice. Maybe that was just for handling the retention application, however. 

February 18, 2021 at 4:51 PM

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