Lehman's Bankruptcy Bills Top $400 Million

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Lehman’s bankruptcy definitely paid off. 

Or it paid off for the attorneys and advisors winding it down, anyway.

Bill reports filed with the bankruptcy court yesterday say that, in the year since its collapse, Lehman paid 23 law firms, financial advisers and consulting firms $402.9 million in fees and expenses. 

The firms and advisors, however, brought in a ton of cash — Lehman’s U.S. units now have more than $12 million, up $8.5 million from when they filed for bankruptcy last year.

The Wall Street Journal breaks down who got what. 

  • Wind-down firm Alvarez & Marsal was paid $169.3 million; it had 175 full-time employees working on the bankruptcy.
  • Weil, Gotshal & Manges, and $950 per hour partner Harvey Miller, received $98.6 million.
  • Milbank, Tweed clocked in at $29.2.

The fees are still rolling in, of course — the WSJ notes experts estimate the cost the total cost of unwinding Lehman will be between $800 million and $1.4 billion.

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