Friday, August 14, 2009

Big time.

The judge in Lehman Brother's bankrupty case has approved $55.14 million in legal fees for New York law firm Weil Gotshal & Manges. Those fees were incurred in the four month period from September 2008 through January 2009.

The awarded fees amount to about $357,000 a day for the firm, or nearly $15,000 an hour around the clock. The firm employed 490 lawyers on the case. The lead partner on the file, Harvey Miller, billed 795 hours at $950 per hour, or $755,250. The firm also billed $2.77 million in expenses. Click here for a report from the Wall Street Journal.

A “fee committee” appointed by the judge reviewed fee and expense requests and found very few issues. The committee determined only $223,262 of the fees and $75,000 of the expenses did not pass muster, most because they were inadequately described in the fee petition.

The committee also recommended that in the future further explanations were needed for charges of more than 18 billable hours in a day for one person and hotel charges exceeding $500 a day. The committee also suggested overtime and working meals be limited to $20 a person and that car services only be used after 8 p.m. and limited to $100 a trip.


Michael W. Huseman said...

Today's Wall Street Journal reports that Weil, Gotshal & Manges has filed another fee petition. This one for $45.2 million for the months of February through May 2009.

This will raise their total fees earned to $100.34 million since September 2008. From one client.

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