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Lehman Bankruptcy Means Record Fees for Lawyers
OK, forget what I said earlier this week about the demise of the billable hour. The billable hour system hasn't gone bankrupt yet. Indeed, if this Bloomberg story is any indication, the billable hour system is thriving in the Lehman Brothers bankruptcy.
According to Bloomberg, fees for lawyers, accountants and other professional working on the Lehman bankruptcy case could reach $1.4 billion. Lehman has already asked for court approval of fees for its Weil, Gotshal & Manges attorneys at rates that range from $650 to $950 an hour for partners and $355 to $595 for associates. It's estimated that Weil will take home about $209 million all told, topping the $149.4 million the firm earned for its work on the Enron bankruptcy.
Posted by Carolyn Elefant on October 23, 2008 at 12:57 AM | Permalink | Comments (0)