Three City law firms have billed in excess of £40m on the restructuring of telecoms company Marconi – more than half of the combined professional advisory bill for the entire re-structuring.

Marconi adviser Allen & Overy has so far netted fees approaching £25m on the restructuring with Clifford Chance and Bingham McCutchen – advising the banks and bondholders respectively – expected to share fees of more than £15m.