The legal analytics platform Lex Machina, a LexisNexis company, has broadened its coverage again, this time by introducing a Chapter 11 bankruptcy module. This new offering provides legal analytics covering more than 115,000 Chapter 11 proceedings.
Scope of the Chapter 11 Module
The module encompasses the complete docket for any bankruptcy proceeding filed after 2009 in a U.S. Bankruptcy Court under Chapter 11 of the bankruptcy code. Chapter 11 provides a structured process for companies to reorganize, maintain business operations, and settle debts with creditors over a period of time.
Lex Machina has incorporated filters specifically designed for cases involving business debtors, voluntary petitions, and confirmed plans. Furthermore, the module includes tags specific to bankruptcy practice. These tags allow users to filter for key aspects of the docket, such as the initial petition, the Chapter 11 plan, associated schedules, and final confirmation orders.
Analytical Capabilities for Legal Practitioners
According to Lex Machina, the bankruptcy analytics enable practitioners to perform sophisticated searches and gain valuable insights. Examples of the types of questions that can be answered using the module include:
- Identifying the most active creditors in Chapter 11 cases.
- Determining which law firms possess the most experience representing creditor committees in Chapter 11 bankruptcies.
- Analyzing the most active districts based on the volume of Chapter 11 bankruptcies filed.
- Assessing the frequency with which a specific judge has presided over a Chapter 11 bankruptcy that culminated in a confirmed plan.
- Evaluating a judge’s experience presiding over Chapter 11 bankruptcies involving small business debtors.
- Calculating the median time to plan confirmation for Chapter 11 bankruptcies filed within a particular district, such as the Southern District of New York.
- Determining the number of Chapter 11 proceedings filed over the last five years involving at least $5 million in assets.
Carla Rydholm, Lex Machina’s Senior Director of Product Management, emphasized the utility of the new module. She stated, “With Lex Machina’s Chapter 11 Bankruptcy Module, lawyers can discover how much experience a particular bankruptcy court judge has presiding over Chapter 11 bankruptcies with over $5 million in assets, or how long it takes to reach plan confirmation in a specific district.”
The availability of this detailed bankruptcy data aids businesses and legal professionals in making better informed decisions regarding venue, timing, budget, and overall case strategy. This type of legal analytics represents a significant advancement for the practice area and is an important resource for Human&Legal readers.
