When the economy collapses, there is always one group that can expect to make money hand over fist: bankruptcy attorneys. And one prestigious New York firm is getting particularly enormous paydays.
New York law firm Weil, Gotshal & Manges was approved for $55 million for work done on the Lehman bankruptcy for September through January of last year and has requested the bankruptcy judge approve another $45.2 million for hours billed February through May.
The WSJ Law Blog has a copy of the fee request, which includes a 22-page list of attorneys, paralegals and other staff who worked on the case.
Law Blog: Weil said it worked more than 86,000 hours on Lehman’s case in the latest four-month request period and had to deal with more than 1,030 legal motions, notice, applications, objections, briefs, orders and other pleadings in the matter. The firm said it ultimately reviewed three million documents related to requests from the examiner in the case.
There will probably be a bit of push back over some of the fees and expenses, but the bulk of it is likely to be paid. Bankruptcy bills have to be meticulously kept for the Court, and the lawyers at Weil have been in this game for a long time.
One can of course argue all day about the reasonableness of such high attorney fees (the partners are billing as much as $950 per hour), but one thing cannot be denied: there are a whole lot of attorneys at 767 Fifth Avenue who have no idea it’s summer.
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