Member Spotlight: Bankruptcy Expert Cullen Speckhart on Turning Adversity Into Opportunity
July 15, 2021
By all accounts, Cullen Speckhart is a definition of success. She chairs Cooley LLP’s business restructuring and reorganization practice, drawing on her experience representing big-name clients such as Toys R Us, Eastman Kodak, and Circuit City. Early in her career, however, she considered leaving the practice of law when she became pregnant.
“I was a second-year associate, and I was discouraged with my work life. Then, it would have been an easy choice to be a stay-at-home mom, but the easy choice is rarely the best,” says Speckhart. “Leaving the law would have been contrary to my commitment to me, which was finding my potential as a professional. I am always in pursuit of my highest and best use. I did not want to leave so many things undone.”
Speckhart says her experience growing up in Bethlehem, Pennsylvania, was a force behind her drive to excel in bankruptcy law. Bethlehem Steel, one of the largest steel-producing companies in the world and the town’s economic lifeblood, was at the center of her life — it was also what brought her parents together. But life as she knew it changed when Bethlehem Steel could not overcome its mounting financial struggles that had begun in the 1970s.
“It was something that everyone felt. I had friends who lost their homes. My parents lost their jobs. It was heartbreaking for me since it was the backbone of our family and community,” says Speckhart, who also lost her company-funded college scholarship when Bethlehem Steel declared bankruptcy in 2001.
Speckhart was introduced to bankruptcy practice when her father rejoined the company to help restructure it. Around this time she observed the work of those attorneys and saw the real-life effects. “I had no concept of what lawyers did or what law school was about. To me, they were superheroes. They were the people who were going to save jobs and save pensions,” she says.
Coming from a steelworker community, Speckhart learned the value of resourcefulness that helped her build the restructuring and bankruptcy practice at her previous firm, Wolcott Rivers Gates. Upon her own initiative, Speckhart struck a deal with the firm to open its Richmond office on the condition that she serve as managing partner. She took it upon herself to build the new office by contacting influential lawyers for additional insight. “You have to be creative and think outside the box. What I needed were allies and people who were interested in supporting me. Now, I can recognize when someone also needs help and respond how those attorneys responded to me at the time,” she says.
Looking at current practice trends, Speckhart says that the pandemic has taught companies, particularly retail companies, to adjust their practices. “Coming out of COVID, there will be a period of prolonged adjustment where companies are trying to assess and adapt. One of the things I really enjoy about bankruptcy law is watching how companies adapt in real time and being a part of that process,” she says.
Bankruptcy practice moves quickly, and Speckhart finds tackling emergency situations with her skilled team energizing. Speckhart recalls a partner telling her early in her career that “every new day is another opportunity to excel,” words that motivate her to give her best self.
While attending law school at William & Mary, Speckhart was influenced by Professor Lan Cao. “She was an author who has amazing experiences as a native of Saigon. She brought her whole self and all of her unique perspectives when teaching, which is something I try to emulate,” Speckhart says. “When I was younger, I thought I had to look, act, and be a certain way to fit the mold of what a successful lawyer looked like, and I think that leaves behind the opportunity to celebrate what makes each of us unique. I have associates who are concert pianists and athletes. Cooley’s professionals are so diverse, and I really appreciate that the firm wants to endorse these things.”
How does she maintain work–life balance? “It's important to remember that family and work can co-exist in remarkable ways if they each have enough room to thrive. Prioritize time with your family and also prioritize work, but don’t set them up to compete with one another. Be patient with yourself. Be flexible and understand that the right answer for one family may not be the answer for another,” Speckhart says. A working mother, Speckhart is also keen on modeling for her child the potential to succeed.
Today Speckhart is passionate about empowering the new generation of women attorneys by helping them find their voice and inner strength through confidence training. “I just hope that I can help young lawyers like me who at some point felt dejected discover the unique attributes of their own personal brand,” she says. “I hope that in 10 years, I can be part of what influences hardworking young women to find their stride, join leadership roles, and be able to answer my two questions about confidence.”
Speckhart says the first question attorneys should be asking themselves is, do you have confidence? “Everyone has the raw materials to manufacture confidence — it takes practice and discipline, but it’s entirely possible to create confidence where it is lacking,” she says. “Once you have confidence, the second question you ask yourself is, how do you show confidence?”
Lisa Jiron, a law student at George Washington University Law School, was a D.C. Bar writer in residence.
