US legal fees and expenses for work on the Lehman Brothers collapse have already topped $84m (£56.5m), writes The Am Law Daily. Figures released in the US show that between 15 September 2008 and 31 January 2009, legal fees relating to the largest and most complicated Chapter 11 in US history totalled more than $84m.Weil Gotshal & Manges, Lehman's lead counsel, has taken the lion's share, so far billing the bank $55m (£36.9m) for 100,296.40 hours of work. Lead restructuring partner Harvey Miller has billed the most hours - 794.80, at a rate of $950 (£638) an hour. However, he is not the firm's highest biller, as exchange rates pushed the fees of Weil's London lawyers to more than $1,000 (£672) per hour. City head Mike Francies is the highest biller involved, spending nearly 78 hours on Lehman at a rate of $1,170 (£786) an hour. All told, 128 Weil partners and of counsel have spent 29,398 hours on the case.
April 15, 2009 at 07:18 AM
1 minute read
The original version of this story was published on Legalweek
US legal fees and expenses for work on the Lehman Brothers collapse have already topped $84m (£56.5m), writes The Am Law Daily.
Figures released in the US show that between 15 September 2008 and 31 January 2009, legal fees relating to the largest and most complicated Chapter 11 in US history totalled more than $84m.
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