Baker & Hostetler’s work for Irving Picard, the trustee of the Bernard L. Madoff Investment Securities bankruptcy proceedings, has been a big boost to the firm. According to The American Lawyer, a Law Journal affiliate, it appears that the firm’s revenue increased 17 percent to $386 million, and profits per partner jumped 27 percent to $763,000. The number of lawyers at the firm rose 7 percent, to 645.
Based on court filings in the Madoff case, it appears that at least $58 million of the firm’s 2010 revenue stems from that high-profile assignment. In May the court approved $24.6 million in fees for Mr. Picard and the firm, and in September it approved an additional $34 million. Baker & Hostetler has received nearly $97 million in fees to date from Madoff work, stretching back to early 2009. And there is an outstanding fee request by the firm for nearly $40 million that has not yet been ruled on by Southern District Court Bankruptcy Judge Burton Lifland. — Susan Beck
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