No Recession in Fees for Massive Bankruptcies – $ 262 Million to Date for Lehman
Wow – see here for a basic article on the Lehman fees, and here is a link saying that Prof. LoPucki thinks fees may end up at slightly less than $ 1 billion.
Among the fee earners, lawyers are doing well as shown by the exceprt below from an article on Lehman by LAW360 is a subscription service.
By Anne Urda
*** Thus far, Lehman has paid the firm an estimated $114 million for its services, which has included Marsal taking over the reins at Lehman and guiding it through the bankruptcy process. In May and June alone, the firm earned $18 million for the interim management provided, according to the report.
Lead counsel Weil Gotshal & Manges LLP has also raked in an estimated $63 million for the work it has performed on the massive bankruptcy case thus far, with special conflicts counsel Curtis Mallet-Prevost Colt & Mosle LLP collecting an estimated $6 million over the past few months for the work performed, the report revealed.
Milbank Tweed Hadley & McCloy LLP, which serves as lead counsel for the creditors committee, reaped just over $17 million for the hours logged, while court-appointed examiner’s lead counsel Jenner & Block LLP has been paid more than $6 million for services rendered so far, according to the report.