One of the leading trial boutiques in the United States, Reid Collins & Tsai LLP prosecutes and resolves complex financial litigation for our clients both in and out of the courtroom.
With a focus on bankruptcy and insolvency-related disputes, we represent trustees, liquidators, creditor committees, plan administrators, foreign governments, and international banks, as well as funds, individuals, and companies from the U.S. and abroad. Managing cases with parallel proceedings around the globe, in venues as diverse as: Anguilla, Antigua, Argentina, Bermuda, BVI, Cayman Islands, Hong Kong, Italy, Mexico, the United Kingdom, and Uruguay; the firm has resolved claims arising from many of the most prominent cross-border frauds of the past decade.
Reid Collins has successfully prosecuted claims for fraud, fraudulent transfer, breach of fiduciary duty, and professional malpractice against a wide variety of culpable insiders and third parties, including:
- Law Firms
- Accounting Firms
- Directors and Officers
- Recipients of Fraudulent Transfers
- Banks and Other Responsible Parties
Through skillful negotiation, litigation, and trial advocacy, we routinely obtain eight and nine-figure recoveries, as well as groundbreaking legal precedent favorable to our clients, in complex cases.
A unique approach to dispute resolution
At Reid Collins, our number one goal is to attain the best outcome we can for our clients. And because our fee structure almost always has a success-based component, when our clients succeed, so do we. That means every step we take is directed at achieving an outcome, not following a playbook. Our litigation strategy is designed to get our clients the best result possible as quickly as possible. Sometimes that means a favorable pre-suit resolution, sometimes that means winning at trial and multiple levels of appellate review. There is no one-size-fits-all solution, and our practical approach gives us the flexibility to customize the right strategy for each client’s specific situation.
We help our clients avoid unnecessary costs and procedures.
As a matter of standard operating practice, we build in a pre-suit phase to virtually all of our engagements. It is our general approach to perform extensive pre-suit work, including gathering documents, pre-suit discovery, engaging experts, and preparation of pre-suit expert reports. Our pre-suit work culminates in a draft lawsuit that we are prepared to file. However, rather than simply initiating litigation and triggering immediate transaction costs and arbitrary deadlines/parameters, we exhaust all reasonable efforts to find a pre-filing solution for our clients. We first seek to engage our adversaries in a business discussion surrounding the actual lawsuit that we intend to file. Ideally, both sides can quickly and efficiently resolve their business dispute. Worst case, both sides make an informed choice to proceed to litigation and willingly and thoughtfully incur the expenses of litigation. Our pre-suit process and experiences have been almost uniformly positive. We resolve many of our most sensitive cases in this way. Regardless, even for the many cases where pre-suit discussions are unsuccessful, the process brings benefits as both sides are still generally more focused on the actual issues in dispute, and thus closer to a positive resolution than they would be otherwise
We further align our interests with those of our clients by building fee schedules for virtually all our engagements that provide a lower success fee for a pre-suit resolution. In turn, our clients appreciate this approach because when successful it achieves the result that they truly want with maximum speed and greater net dollars to them. And should the case proceed to litigation they have great confidence that the litigation and its attendant costs were, in effect, unavoidable.
We focus only on what is necessary. Because we are not hourly-fee lawyers, we focus only on the work that needs to be done in order to actually try (and win) the case. Once a case is on file, we prepare it with a singular focus – that it is headed toward trial.
We take only the necessary discovery. We have learned that “over-litigating” a case often leads to many undesired results, such as:
- The excess activity and extended pre-trial phase of the case pushes the trial date further away on the calendar;
- Excessive motion practice and correspondence run up the out-of-pocket costs and increase expenses and fees for clients;
- A lengthy litigation process exhausts an adversary’s liquidity and reduces monies that could otherwise be used to fund a settlement; and, ultimately
- Educates the opponent.
Accordingly, we focus discovery on the key issues in the case and pass on non-essential discovery that is not likely to further our client’s ultimate goals.
We retain experts early.
We know how to litigate complex financial cases and have been doing it in high-stakes litigation for decades. That experience gives us the wisdom to know that we are not experts in all the subject matter areas where our cases arise. So, to get us up the knowledge curve and put us ahead of the game, we bring experts on board early. They help us develop our litigation strategy from the original pleading, to discovery, and through trial.
We use jury consultants at all stages of the case.
We only initiate litigation we are prepared to take to trial. Accordingly, we bring in jury consultants early on to ensure we identify the themes that will resonate with the jury at trial. And then we use those themes to direct our discovery efforts, streamlining discovery to only the things that really matter.
Show more +
William T. Reid, IV (“Bill”), a founding member of Reid Collins & Tsai, LLP is a veteran trial lawyer with a national reputation for successfully litigating complex commercial and financial cases.
In a career that has spanned three decades, Bill has tried a wide range of civil and criminal cases to verdict before judges and juries..
Bill’s considerable trial experience is as varied as the clients he represents. For three years as an Assistant United States Attorney during the 1990′s, he focused on complex drug and corruption prosecutions, trying 25 cases to verdict (securing 24 convictions) and prosecuting hundreds of cases annually. Since returning to private practice in 2000, he has put his experience to good use in the courtroom, rarely going a year without taking at least one commercial case to trial. Notably, Bill has yet to lose a jury trial since returning to private practice and has obtained several top-100 trial judgments/verdicts for his plaintiff clients. He is currently managing a docket of plaintiff’s litigation seeking billions of dollars in damages.
In December 2017, acting pro bono, Bill won an acquittal in a public corruption case against Olga Hernandez, a San Antonio School Board member accused of bribery. In winning the Hernandez case, Bill not only achieved justice in thwarting the misguided prosecution but also accomplished what few trial lawyers achieve in their careers: jury trial wins as both civil plaintiff and defendant as well as criminal prosecutor and defense lawyer.
A seasoned commercial litigator, Bill has extensive experience trying a broad range of international, complex commercial and financial cases involving insolvency litigation, professional malpractice, business torts, fraud and complex financial transactions. In leading Reid Collins to its position as a go-to plaintiff ligation firm, Bill has handled multiple, high-stakes cases arising out of Ponzi schemes and cross-border frauds, as well as fiduciary litigation, professional liability cases, and bad-faith insurance actions.
Bill currently represents several public companies, numerous hedge funds, private equity funds, offshore liquidators, bankruptcy fiduciaries, and SEC receivers, among others. He has established the firm as an industry leader in professional malpractice claims, achieving numerous public – as well as a number of confidential – multi-million-dollar settlements against law firms, accounting firms, and directors & officers.
Additionally, Bill is now an Adjunct Professor at the University of Texas Law School, where he teaches a course he created entitled “Complex Financial Litigation,” which is a case study approach to teaching commercial litigation practice to law students.
Bill is widely and regularly recognized by the legal media and industry observers as a preeminent plaintiff’s trial lawyer. In 2020, Benchmark named Bill the U.S. “Plaintiff Attorney of the Year” and in 2021 Law360 honored him as a “Titan of the Plaintiffs Bar,” one of only a handful of litigators in the nation so recognized. He has also been thrice named to the “Trailblazer” series by the National Law Journal and Texas Lawyer, one the industry’s highest honors, and selected one of the “Top 100 Trial Lawyers in America” by Benchmark.Show more +
Insolvency in Delaware
300 Delaware Avenue, Wilmington, 19801