JD/LL.M. career path to Restructuring & Turnaround Consulting

Current JD/LLM in Tax, with coursework in corporate bankruptcy and tax law. I've completed CRE financial modeling certs, Wall Street Prep excel basics certs, and currently doing the 13-week cash flow model.

I'm wondering what the recommended path is to break into this space. A&M, for example, has job description for J.D./LL.M. in tax for their M&A tax practice groups.

Would doing the Certified Turnaround Analyst (CTA) by TMA be worth it?

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Breaking into Restructuring & Turnaround Consulting with your JD/LL.M. background is absolutely feasible, especially with your coursework in corporate bankruptcy and tax law, as well as your certifications in CRE financial modeling and Excel. Here's a recommended path based on the most helpful WSO content:

1. Leverage Your Legal Expertise

Your JD/LL.M. in Tax, combined with coursework in corporate bankruptcy, positions you well for roles that require a deep understanding of legal and financial restructuring. Firms like Alvarez & Marsal (A&M) often value candidates with legal backgrounds for their ability to navigate complex bankruptcy and insolvency cases.
Consider targeting roles that intersect legal and financial restructuring, such as debtor-side engagements or advisory roles in distressed M&A.

2. Certifications and Technical Skills

Completing the 13-week cash flow model is a strong step, as this is a foundational skill in restructuring consulting. Continue honing your financial modeling skills, particularly in areas like liquidity forecasting and 3-statement modeling.
Pursuing the Certified Turnaround Analyst (CTA) by the Turnaround Management Association (TMA) could be highly beneficial. It provides a solid baseline of knowledge in turnaround management and demonstrates your commitment to the field. Additionally, the TMA offers networking opportunities that can help you connect with professionals in the industry.

3. Networking and Professional Associations

Join the Turnaround Management Association (TMA). Many WSO contributors recommend this as a key step for networking and gaining industry-specific insights. Attend their events and educational sessions to build connections and learn from experienced professionals.
Reach out to alumni or professionals at firms like A&M, FTI Consulting, or AlixPartners who have similar backgrounds. Informational interviews can provide valuable advice and potentially open doors.

4. Targeted Applications

While A&M’s M&A tax practice groups align with your tax expertise, you should also explore their Restructuring and Turnaround Group. Highlight your legal and financial modeling skills, as well as your ability to navigate bankruptcy and tax implications in distressed scenarios.
Tailor your resume to emphasize your ability to handle crisis management, legal complexities, and financial analysis—key aspects of restructuring consulting.

5. Exit Opportunities and Long-Term Growth

Restructuring consulting offers diverse exit opportunities, including roles in distressed private equity, investment banking (RX IB), or even in-house management roles at distressed companies. Your legal background could also open doors to specialized consulting or advisory roles.

Final Thoughts

Your combination of legal expertise, financial modeling certifications, and coursework in bankruptcy law makes you a strong candidate for restructuring consulting. Adding the CTA certification and actively networking through TMA will further solidify your profile. Keep building your technical skills and leveraging your unique background to stand out in this competitive field.

Sources: Q&A: Restructuring Consulting, Restructuring Consulting - Undergrad, Q&A: Restructuring Consulting, Wharton kids favor restructuring/distressed investing?

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