The Examiners: Philip Dublin on Why Restructuring May Remain a Male-...

What factors can make restructuring a difficult field in which to balance work and family obligations, and what should professional firms be doing to help employees? 

Answering this question is not easy and has generated much debate both within my firm and elsewhere among many of my colleagues. Some have even suggested that there is no work-life balance in the restructuring profession, which is why it is male-dominated. Personally, I think some semblance of a balance can be achieved, but it is extremely difficult to accomplish, especially early in one’s career.

A primary reason for the difficulty in creating a balance is that much of restructuring is emergency-driven, such as an impending default on debt or lack of liquidity. Restructuring is also fast-paced and very unpredictable. In fact, when professionals from other disciplines find themselves engaged in a restructuring transaction (whether in court or out of court) they often struggle with the rapid pace. Restructuring also involves significant travel commitments, especially for turnaround management firms and other restructuring professionals. These factors make it difficult for anyone, whether a man or a woman, to balance family obligations with a successful restructuring career.

I have discussed the work-life balance with many of my female colleagues, and they consistently are of the view (which I do not dispute) that it is particularly difficult for a woman to balance her obligations as a mother to young children with a thriving career as a restructuring professional with the unpredictable schedule and, at many times, long hours. While technology has made it more possible for certain work to be done from home, it only helps marginally. When you are home, your family (rightfully) wants your attention, yet you cannot focus solely on them. Firms, however, could be more open to flexible and part-time work arrangements in order to try to keep more junior women working in the restructuring field. Part of the reasonthere ‎are so few senior women in restructuring is that many choose to leave this area of practice for the reasons set forth above. ‎

However, no firm’s policies can eliminate the less appealing parts of a successful restructuring practice: an unpredictable schedule, long hours and, at times, significant travel. Thus, I think restructuring likely will continue to be a male-dominated field.

Philip C. Dublin is a partner at Akin Gump Strauss Hauer & Feld LLP in New York, where he concentrates on creditors’ rights, corporate restructurings and bankruptcy law.