If you’ve been to a TMA event over the past few years, you’ve probably had an opportunity to meet Sari Placona, a Partner at McManimon, Scotland & Baumann LLC (TMA New Jersey). An active member whose work ethic is matched only by her dedication to the turnaround and restructuring community, Placona embodies the concept of giving back.
Placona is currently serving as Co-Chair of the 2023 Mid Atlantic Regional Symposium—along with Monique DiSabatino, Saul Ewing LLP (TMA Philadelphia/Wilmington)—she is an active member of TMA Global’ s Marketing and Communications Council, serves on the TMA New Jersey Board of Directors, and has been active in TMA NOW and NextGen.
“I love meeting different people through TMA nationally. Work and life are all about relationships and I never know where the next one may come from,” said Placona.
She is also Co-Chair for the International Women’s Insolvency & Restructuring Confederation (“IWIRC”) New Jersey chapter and recently won the IWIRC Rising Star Award—which recognizes excellence in women worldwide. The award considered nominees actively engaged in the restructuring industry anywhere in the world who have shown commitment and dedication to IWIRC. In addition, she is Co-Chair of the 2023 William H. Gindin Bankruptcy Bench Bar Conference which is hosted by the Association of the Federal Bar of New Jersey and gathers approximately 300 attorneys for a two-day conference. Placona was also appointed by New Jersey Supreme Court Chief Justice Stuart Rabner to serve on the New Jersey District Ethics Committee for Essex County, District VA.
When Placona is not busy with TMA, IWIRC, or any other organization, she is working hard for her clients. How does she find time for it all? Placona sites growing up as an athlete with instilling her strong work ethic and admits that she works hard because she likes to. “It’s about balance. That’s important, but I also love, love, love what I do, so the long days turn into nights and the nights turn into weekends. But I think when you love what you do it doesn’t feel so bad when you’re stuck in the office some late nights,” said Placona.
Of course, finding a balance is important too. “You have to know when to cut it off some days. You have to say, ‘Alright, I worked hard enough. I’m going out with friends on the weekend.’ I try to always focus on what needs to get done and try to make time for myself because if I’m not at my best, then no one’s going to get me at my best,” said Placona.
How did she find her way into a profession that she loves so much?
“I never knew anything about bankruptcy; I never thought I wanted to do it,” said Placona. Placona attended law school at night while working as a paralegal for a predominant law firm in New Jersey—Walder, Hayden & Brogan. “They were a white-collar criminal defense firm. I thought I wanted to do that. When I went to apply to be a summer associate at a different firm, I fell into bankruptcy and restructuring and loved it,” said Placona.
“I wound up at Trenk, DiPasquale, Della Fera & Sodono, where I met Anthony Sodono III, who I work with now and who I’ve been with since 2013. He practiced bankruptcy and I thought I’d do it for the summer, but I wound up loving it. I had an offer to clerk for a judge for a year, so I was doing that, but then he asked me to join the firm when I finished clerking. And I think I had such an overall positive experience with him and the firm and the work that I just fell into it,” she added.
In addition to her volunteer leadership roles within the industry, Placona also provides pro bono legal work for victims of domestic violence, via Partners for Women and Justice. There, she helps victims of domestic violence obtain final restraining orders. In New Jersey there are two types of restraining orders—temporary and final. A final restraining order in New Jersey has no end date and can last forever.
“Some women think the temporary is enough, and then something happens and a person violates it. They get scared and they don’t know what to do. What happens a lot of the time is the defendant gets an attorney and now the woman is up against an experienced lawyer. That’s intimidating. I just find it really meaningful to be able to help women who are going through something that is so emotional. If I can be there on the legal side to help them, then all the better,” said Placona.
For Placona, giving back is a way of paying it forward but also a way to do more of what she loves. “I worked with someone who always instilled in me the fact that having a law license was a privilege. I’ve had tremendous mentors through my whole career. I’ve worked with some of the best attorneys in New Jersey, so I feel that I need to give back,” she said. “It’s a lot of work to volunteer and be part of these organizations. Work doesn’t stop. It’s a lot but I’m very good at multitasking. I don’t really get overwhelmed. I like knowing I’m helping a company or an individual reorganize or a business liquidate and move on. I love what I do. I don’t think many attorneys will say that, but I’ve been in it long enough that I think I can still say I love it.