The Lehman Report Cost $38.4 Million

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The examiner’s report on the lead up to Lehman Brothers’ bankruptcy is generating bombshell-laced headlines, will generate countless lawsuits and did generate huge fees for Chicago-based Jenner & Block.

The Wall Street Journal has a short profile on the man behind the Lehman report, Jenner chair and litigation department head Anton Valukas. Valukas has the highest possible peer rating and is listed as one of the Best Lawyers in America, his bio notes.

The monster, 2,200-page report is the result of a year-long investigation and required the review of more than 10 million pages and interviews with more than 100 witnesses, the WSJ noted.

All that work by one of the best trial lawyers in the country does not come cheap — the WSJ’s review of court documents pegs Jenner’s fees for their Lehman work at $38.4 million.

The nearly $40 million contributed to an overall good year for the firm (a year in which a large number of firms saw revenues either drop or stay just steady). According to The Am Law Daily, Jenner’s revenue increased 4 per cent from 2008 to 2009 to $347 million; its profits rose almost 7 per cent to about $835,000 per equity partner.

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