Simpson Thacher & Bartlett, the lead legal adviser on the U.S. Treasury Department's $700 billion bailout plan following the 2008 financial crisis, was among the top 10 law firms receiving government money for legal work from fiscal 2008 to fiscal 2012.
During the past five fiscal years, the firm was awarded $11.3 million from the Treasury Department for its assistance with recovery-related matters that included the Capital Assistance Program and the Public-Private Investment Program for Legacy Assets. The firm ranked eighth among law firms receiving government money for legal work during that period.
In 2011, a government audit was critical of Simpson Thacher for $5.8 million in fees that the firm charged under three Treasury Department contracts, and investigators called into question all of the charges. The firm, the report says, "provided no detail of work performed in its fee bills, and did not provide receipts or proper documentation for expenses."
Simpson Thacher spokeswoman Jennifer Nash declined to comment.
But a Simpson Thacher representative said in a written statement in 2011 that the firm's lawyers were "honored" to work with the Treasury Department "during an unprecedented and extremely challenging time." The statement added that firm lawyers "worked closely with the Treasury staff on a daily basis to structure and implement [the Troubled Asset Relief Program]." Andrew Ramonas