San Francisco-headquartered law firm Rimon, which operates using a decentralised, distributed model, has brought on board Troy Doyle as partner and chair of its global restructuring group.
Doyle, who is based in Singapore, joins from Gibson, Dunn & Crutcher, where he was co-head of the firm’s business restructuring and reorganisation practice.
With over two decades of restructuring experience in Asia, Doyle has worked across Asian markets, including Singapore, Indonesia, Hong Kong, Greater China, Vietnam, and Australia, restructuring debt and equity of over $62.9 billion in his career, Rimon said in a statement. He also previously led the practice groups at Reed Smith and DLA Piper.
In his new role, Doyle will oversee the firm’s restructuring offering across Asia, the U.S., and the UK.
Rimon, which was founded in 2008, combines elements of both virtual and traditional law firms. Over the past few years, the firm has opened Asian offices in Seoul and Shenzhen.
“Rimon is a highly selective firm which has rejected entrenched industry norms like the billable hour, dated hierarchical structures, and management-controlled client fees which waste time and money for lawyers and clients. The firm offers a partner-focused model, where clients can be assured that work will be completed by experienced partners, instead of expensive associates,” the firm said.
Doyle joins at a time when the firm is looking to revamp its restructuring practice to bring it in line with client demands for flexible fee structuring and focused resource allocation. In a statement, Doyle said he was also restructuring his own legal practice offering following extensive client consultation.
“This consultation with clients highlighted three key demands: (i) true flexible fee structures which align with each bespoke restructuring process (and most importantly remove hourly billing and incorporate success fees) and offered on a global basis, (ii) continuous experienced partner involvement and guidance in the process with the removal of excessive mid-level lawyer fees, and (iii) seamless global connectivity between an equal calibre of partners who have worked together, across Asia, the U.S. and the UK,” Doyle said.
He added that the freedom given to lead partners at Rimon to manage and control billing arrangements based on client requirements, rather than a centralised mandate management system was an attractive prospect. “At Rimon, creative and flexible fee structures are the starting point and not a negotiation; with certainty on fees in a restructuring being paramount. The concept of hourly billings can be eradicated, and replaced with the certainty of flat fee, milestone, equity-linked, and/or success fee components; and the legal fees proposed are not management controlled, rather being at the direction of the lead Partner and the relevant team,” Doyle said.
“The legal industry has been slow to align with the optionality each restructuring requires and that clients demand. Something had to change, and here it is,” Doyle added.
