Togut, Segal & Segal

What Togut, Segal & Segal does

Togut, Segal & Segal LLP is a New York-based boutique law firm founded in 1980 that specializes in corporate bankruptcy, restructuring, fiduciary representation, and creditors' rights. The firm operates with 5 partners and a broader bench of 11-50 attorneys across offices in Manhattan (One Penn Plaza) and Newark, New Jersey, serving as court-approved counsel in hundreds of Chapter 11 cases over more than four decades. Its matter portfolio spans mega-cases including General Motors (~$91B in assets), Chrysler ($55B+ liabilities), Westinghouse/Toshiba ($9B), Daewoo International ($70B+), Enron, LATAM Airlines, Endo Pharmaceuticals, Celsius Network, and Dewey & LeBoeuf, with industry verticals covering airlines, automotive, energy/oil & gas, healthcare, retail, shipping, real estate, and crypto. The firm maintains strict independence by refusing regular retainer relationships with banks, investment funds, and other financial institutions, which structurally allows it to be adverse to any large creditor and satisfy the Bankruptcy Code's disinterestedness test when engaged as conflicts or co-counsel to elite firms.

The firm's business model is professional services billing at approximately 25% below market rates, with partners — rather than senior associates — staffing matters directly. This positioning is the foundation of its codified co-counsel relationships with AmLaw elite firms including Skadden, Weil Gotshal & Manges, Kirkland & Ellis, Cleary Gottlieb, Davis Polk, Jones Day, Milbank, Kramer Levin, Fried Frank, Shearman & Sterling, Dentons, and King & Spalding. Service offerings cover Chapter 11 debtor representation, conflicts counsel, efficiency counsel, transnational debtor work, post-confirmation trust counsel, bankruptcy trustee representation, creditors' committee representation, bankruptcy litigation, mediation, asset recovery, preference and fraudulent conveyance actions, fraud investigation, and Section 363 / plan-driven M&A. The firm has developed a proprietary preference action software for cost-efficient data analysis and has recovered more than $175 million in preference payments across Enron, Collins & Aikman, and Tower Automotive alone. Go-to-market is referral-driven through elite firm relationships, judicial recommendations, professional organizations (ABI, TMA, International Insolvency Institute), and accolades including GRR 100 (2024), Chambers, Super Lawyers Top 100, and Who's Who Legal Thought Leaders.

Name

Togut, Segal & Segal

Legal name

Togut, Segal & Segal LLP

Website

https://togutlawfirm.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Togut, Segal & Segal is a 45-year-old New York-based boutique law firm specializing in Chapter 11 bankruptcy, corporate restructuring, fiduciary representation, and creditors' rights, serving as conflicts and co-counsel to elite firms on mega-matters for corporate debtors, trustees, creditors' committees, and cross-border clients.

Ownership category

akta.pro rank

Product category

Bankruptcy and Restructuring Law

NAICS

Legal Services (5411)

akta.pro primary industry

Distressed M&A & Special Situations Advisory (BPAHAOAH)

akta.pro secondary industries

Distressed M&A & Special Situations Advisory (BPAHADAN), Mergers & Acquisitions (M&A) & Securities Law (BPAHAAAI)

Keywords

• Bankruptcy law services
• Corporate restructuring
• Creditors rights
• Chapter 11 representation
• Trustee representation

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Legal Services - Professional Fees: The firm generates revenue through billable legal services rendered in bankruptcy cases. Billing rates are kept approximately 25% below market rates, providing cost-effective representation while maintaining quality. Work includes Chapter 11 debtor representation, conflicts counsel services, efficiency counsel roles, trustee representation, and various bankruptcy-related legal services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Togut, Segal & Segal LLP is a specialized bankruptcy boutique law firm providing Chapter 11 representation, corporate reorganization, fiduciary/trustee representation, and creditors' rights services. The firm serves as debtors' counsel, conflicts counsel, efficiency counsel, and trustee counsel for companies ranging from small enterprises to multibillion-dollar corporations in domestic and transnational restructurings.

Product overview

Togut, Segal & Segal LLP is a boutique law firm specializing in corporate bankruptcy and restructuring legal services. Established in 1980, the firm offers a comprehensive suite of legal services organized around Chapter 11 bankruptcy representation. The core offerings include Chapter 11 Debtor's Counsel and Main Chapter 11 Counsel for primary representation, supplemented by specialized services such as Conflicts Counsel (for when primary counsel has conflicts), Efficiency Counsel (cost-effective routine bankruptcy tasks), and Transnational Debtor Representation. The firm also provides post-confirmation services including Trust Counsel, as well as creditor representation, litigation and dispute resolution, mediation, asset recovery, fraud investigation, and merger/acquisition support for bankruptcy cases. These services are designed to handle cases of all sizes from billion-dollar enterprises to smaller company restructurings.

Differentiator

Problem solved

Functional benefit

Products and services

• Chapter 11 Debtor's Counsel

Quantifiable outcome

• Recovery of more than $175 million in cash in just three cases (Enron, Collins & Aikman, and Tower Automotive) in preference payments alone
• +4 more outcomes

Named customers15 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

14 partnerships are on record, tiered core and minor.

• Skadden, Arps, Slate, Meagher & Flom LLPcoreStrategic or Co-development PartnerRegular co-counsel partner in complex Chapter 11 cases including Endo Pharmaceuticals, McClatchy Newspapers, Trident Health, SunEdison, Aéropostale, Nortel, and others. Skadden refers matters to Togut Firm when conflicts arise.
• Weil, Gotshal & Manges LLPcoreStrategic or Co-development PartnerMajor co-counsel partner in landmark cases including Enron, General Motors, Chrysler, and others. The Enron Fee Committee Report cited seamless cooperation between the firms.
• Kirkland & Ellis LLPcoreStrategic or Co-development PartnerCo-counsel partner in cases including Tronox Inc. and Delphi Automotive.
• Cleary Gottlieb Steen and Hamilton LLPcoreStrategic or Co-development PartnerCo-counsel with Togut Firm on LATAM Airlines Chapter 11 cases.
• Davis Polk & Wardell LLPcoreStrategic or Co-development PartnerCo-counsel in Azul Airlines Chapter 11 case and Frontier Airlines matters.
• Jones DaycoreStrategic or Co-development PartnerCo-counsel partner in Chrysler LLC Chapter 11 case.
• Milbank LLPcoreStrategic or Co-development PartnerCo-counsel in Kodak creditors' committee matters.
• Kramer Levin Naftalis & Frankel LLPcoreStrategic or Co-development PartnerCo-counsel in St. Vincent's Hospital second Chapter 11 case.
• Fried Frank Harris Shriver & Jacobson LLPcoreStrategic or Co-development PartnerCo-counsel in Loews Cineplex Entertainment Chapter 11 case.
• Shearman & Sterling LLPcoreStrategic or Co-development PartnerCo-counsel in Venus Liquidation/Vice Group case.
• Dentons US LLPcoreStrategic or Co-development PartnerCo-counsel with Togut Firm in Powin LLC Chapter 11 case.
• King & Spalding LLPcoreStrategic or Co-development PartnerSpecial corporate and finance counsel to Pareteum Corporation alongside Togut Firm as lead counsel.
• Burr Forman LLPminorStrategic or Co-development PartnerCo-counsel with Togut Firm representing Future Claimants' Representative in Cyprus Mines case.
• Frankel Wyron LLPminorStrategic or Co-development PartnerCo-counsel with Togut Firm representing Future Claimants' Representative in Cyprus Mines case.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Latham & Watkins LLP: Global full-service firm with a leading restructuring practice representing debtors, creditors and sponsors; directly comparable on large-cap restructurings where Togut is often engaged as conflicts counsel.
• Akin Gump Strauss Hauer & Feld LLP: A broad international firm with one of the largest dedicated restructuring practices in the U.S.; competes for the same large Chapter 11 debtor mandates that Togut services, often engaging Togut as conflicts counsel.
• Davis Polk & Wardwell LLP: Elite Wall Street firm with a top-tier bankruptcy and restructuring practice; acts as both a competitor and a Togut co-counsel partner (e.g., Azul, Frontier Airlines matters) — directly comparable on mega-deal restructuring work.
• Quinn Emanuel Urquhart & Sullivan, LLP: Litigation-focused firm with a major bankruptcy and restructuring practice; competes with Togut on contested Chapter 11 matters, adversary proceedings, and trustee-side litigation.

Direct peers

• Stroock & Stroock & Lavan LLP: A New York-based firm with a long-standing bankruptcy and financial restructuring practice historically comparable to Togut in serving Chapter 11 debtors, creditors' committees and trustees in SDNY matters.
• Brown Rudnick LLP: A well-known bankruptcy and restructuring boutique with a comparable Chapter 11 debtor and creditor focus, frequently engaged as conflicts or co-counsel on large restructurings alongside AmLaw firms.
• Willkie Farr & Gallagher LLP: A bankruptcy and restructuring boutique that scaled into a broader firm while retaining a top-tier restructuring practice; competes with Togut for debtor, creditor-committee and trustee engagements on large restructurings.
• Pachulski Stang Ziehl & Jones LLP: One of the leading dedicated bankruptcy and restructuring boutiques in the U.S., comparable to Togut in size, model and focus on Chapter 11 debtor, creditor and trustee representations across large corporate matters.

Regional players

• Cole Schotz P.C. A mid-Atlantic bankruptcy and restructuring firm with a strong New Jersey presence; directly comparable to Togut on regional debtor-side Chapter 11 work, especially in the Delaware and SDNY/NJ venues.
• Porzio, Bromberg & Newman, P.C. A New Jersey-based law firm with a significant bankruptcy and creditors' rights practice serving as a regional comparable to Togut's Newark office, focused on mid-market corporate restructurings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/tr?id=442563859276995&ev=PageView&dpo=LDU&dpoco=0&dpost=0
• Xx.com/TeamTogut

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Togut, Segal & Segal