Education: 1980: J.D., New York University; 1977: A.B., magna cum laude, Dartmouth College.

Career in Brief: 2010–present: Becker, Glynn, Muffly, Chassin & Hosinski LLP, Partner; 1999–present: St. John’s University School of Law, Adjunct Professor; 2005–2010: Stevens & Lee, P.C., Shareholder; 1986–2004, Salomon, Green & Ostrow, P.C., Partner; 1980–1985: Chester B. Salomon, P.C., Associate.

What do you think is currently the biggest challenge facing bankruptcy attorneys? I think the biggest challenge for bankruptcy attorneys has not changed since I began practicing. That challenge is to motivate the client, especially a debtor client, to focus on legal strategies for dealing with financial distress as early as possible, before the client starts losing critical resources and options.

Are there any recent legal or market developments that you think could significantly affect bankruptcy practice? Restructuring debt under Chapter 11 has unfortunately become prohibitively expensive for small businesses and middle market companies. The recently enacted Small Business Reorganization Act provides significant relief for small businesses by reducing restructuring costs, among other things. The problem is that Congress did not raise the debt ceiling in the definition of "small business debtor," so currently only those businesses or individuals with debts below $2.73 million will be able to benefit from the new legislation. This excludes many businesses in major metropolitan areas.

Nevertheless, the framework is in place should Congress decide to raise the debt ceiling for small businesses. Separate legislation, enacted at the same time, raised the debt ceiling to $10 million for family farmers wishing to utilize Chapter 12 restructurings. A similar ceiling for non-farmers in Chapter 11 would significantly benefit business owners and their creditors and employees.

In an increasingly competitive legal market, what strategies do you employ to generate business and retain clients? I try to keep my clients’ litigation and transaction costs as low as possible by limiting the number of professionals and paraprofessionals assigned to an engagement to the minimum number necessary to ensure the best result. I also regularly publish articles, speak at conferences, and teach as an adjunct law professor to maintain visibility and proficiency.

If not an attorney, what would you wish to be? Most likely I would be a professor. I have been an adjunct professor at St. John’s University School of Law since 1999, and I enjoy the interaction with the students. I also have published at least one law review article each year since 2003, and quite a few before then.

What is your favorite book? I have three favorite books, which are all novels written in the 19th century. They are The Scarlet Letter by Nathaniel Hawthorne, Moby Dick by Herman Melville, and The Brothers Karamazov by Fyodor Dostoevsky. I return to these books every so often because they are beautifully written, powerful tales of human beings in crisis who must contend with one another or the forces of nature. Besides pleasure and distraction, they provide insight into dealing with people involved in financial distress.

What was your first job? I worked in my father’s toy company when I was in high school. I started by packing boxes for shipment to customers and I also had a stint in the office preparing internal reports. When I was in college, I did non-legal research and paralegal-type work for a solo practitioner who represented my father’s company. I continued working for him during the summer after my first year of law school. My father’s company had gone bankrupt, and I quickly learned as much bankruptcy law as I could to assist with the legal work.

What is the best career advice you have ever received? Always be responsive. Return phone calls, respond to emails, and generally be available. It is better to tell a client or an adversary that you do not yet have an answer than to avoid the communication.

What one piece of advice would you give to a junior attorney considering specializing in bankruptcy law? What I enjoy most about being a bankruptcy attorney is that you are simultaneously a specialist and a generalist, and you can alternate between being a litigator and a corporate attorney. My advice would be to learn not only how the different aspects of the Bankruptcy Code fit together, but also how they generally interact with other areas of the law, so that you know how to put deals together, and how to litigate if they fall apart. Also, be aware that there is a difference between having rights and enforcing them when it becomes counterproductive to do so. And in any distress situation, always ask what the alternative is.