Peter Lattman at The Wall Street Journal's Law Blog has a link to this post by University of Illinois law professor Larry Ribstein commenting on Kirkland & Ellis' nearly $100 million fee application in the United Airlines Bankruptcy case. Ribstein says that the question isn't whether the fees are too high, but what the value of the law firm's activity is in the context of United's bankruptcy. Ribstein wonders if it's worth all that money to pay for another competitor to stay alive in an already competitive industry. And Ribstein also suggests that paying all that money to lawyers can cause resentment, just as bloated executive compensation packages cause resentment when executives haven't done anything to earn them.
For me, I wonder what lawyers who favor value billing think about it when it's used by people like Ribstein to advocate a decrease, rather than increase, in fees?
Posted by Carolyn Elefant on March 9, 2006 at 12:51 PM | Permalink
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