Weil, Gotshal is considered a go-to firm when enormous companies fall into bankruptcy.
And that means its bankruptcy attorneys have burned the midnight oil — even added to their ranks — during the financial crisis.
The ABA Journal noted that 11 of 19 New York firms with D.C. offices saw those offices shrink for the year ending April 2009; Weil, however, added 16 lawyers, a nearly 24% increase.
“When our corporate practice takes a hit, our bankruptcy practice kicks in and allows us to compensate,” Weil D.C.’s managing partner Michael Lyle told the Journal. The firm has advised Lehman Brothers, General Motors Corp. and Washington Mutual Inc.
Big name bankruptcies like this require a lot of hours — and generate a ton in fees. Weil’s legal fees for Lehman hit the $100 million mark — which included more than 86,000 hours in just four months — in August. Weil suggested it would make even more on the GM bankruptcy. As of June, they’d submitted $80 million in fees to the bankruptcy court for six months of work.
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