Kirkland & Ellis’ 2026 Mock Board Competition Evolves to Reflect Changes in LME Era 

The only constant in life is change.

This ancient Greek wisdom rings true for Kirkland & Ellis’ famed annual mock board competition earlier this week. For the first time, the leading law firm’s debt finance associates, in addition to restructuring associates, led some teams, with the case study including a liability management exercise that did not put the fictional company back on a sound footing.

“To call this a training exercise doesn’t quite capture it. It’s a simulation with an elaborate fact pattern and real bankers and directors. It’s as close as you can get to the real thing,” according to Josh Sussberg and Edward Sassower, who run Kirkland & Ellis’ prestigious restructuring practice.

“We pour incredible resources into the development of our young talent. As a result, it’s no surprise that we’ve become a talent factory, not just for our group but the entire industry,” according to Sussberg and Sassower. “The majority of our competitors are run by and primarily consist of our former colleagues. Everyone waits to see who we promote to partner and then engages in a bidding war for the rest. We have the best young talent in the industry. Period. Full stop. And programs like this are one of the reasons why.”

Kirkland & Ellis’ associates and summer associates formed 14 teams with young bankers from Centerview, Ducera, Evercore, Greenhill, Guggenheim, Houlihan Lokey, Jefferies, Lazard, Moelis, Perella Weinberg, Piper Sandler, PJT, Rothschild and Solomon on June 8. They were given a case study on a made-up, troubled beverage and bar company, and were asked to prepare a presentation to be sent to the board of directors by 9 p.m. ET on June 9. Each team then met with the board, which was played by real-life directors as well as senior bankers and lawyers, yesterday, June 10. Two teams were selected early yesterday afternoon to advance into the championship round about two hours later.

Matthew Fagen, Spencer Winters and Dave Gremling of Kirkland & Ellis organized the invitational with a thoughtful case study that centered on a fictional canned seltzer manufacturer and lounge operator that was founded by a pop singing duo and is facing a liquidity crunch in the face of debt maturities in 2027 and 2028, an investigation by the Food and Drug Administration, a significant decrease in demand, and cost inflation.

Furthermore in the case study, the company previously executed debt exchanges backed by dropped-down assets with its lenders. Before the championship round, the two finalist teams were told the company’s financials had further deteriorated, some receivables could no longer be collected, lawsuits had been filed against the company and one member of the pop star duo was missing.

Having a view, leading with the most pressing problem to solve, and connecting with and understanding the board members were crucial to a team’s success. Teams may have taken their cues from Sussberg, whose courtroom appearances have shown young lawyers and bankers how to command attention and bond with clients. A savvy communicator, perhaps thanks to his four years of undergraduate studies at Syracuse University’s S.I. Newhouse School of Public Communications, Sussberg famously sang the Toys “R” Us theme song at its first day hearing, and re-pierced his ear in court after finding a buyer for Claire’s. Maybe we will see more young restructuring advisors adopting a Sussberg-esque approach, making moves that are as memorable as the New York Knicks’ put-back tip-in last night during game 4 of the NBA Finals?

A team led by Oliver Paré of Kirkland & Ellis and including David Hackel, Kyle Facibene, Sabrina Lieberman, James Ziemba, Nicholai Dasque, Nicholas Lazzaro, Mia Nevarez and Josie Lui as well as Greenhill bankers Claudia Robles-Garcia, Bruce Baker, Alex Mizrachi and Ryan Ludwig came out on top. They recommended a clear strategy of a comprehensive recapitalization including a sale and chapter 11, backed by the team’s fluency in restructuring processes and corporate governance.

Perhaps the only thing that has not changed – what robots cannot yet do – is that a skilled, experienced and trusted advisor can guide a human client with steady hands through the most tumultuous time in a company’s history.