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Lehman_Brothers.jpgThere are fees and then, to judge by the UK administration of Lehman Brothers, there is something else entirely. Certainly, the six-month report from the bank’s administrator, PricewaterhouseCoopers (PwC), confirms what lawyers were saying last year: this will be one of the largest assignments in European legal history. With Linklaters earning £33.5m in the six-month period to mid-March, the City giant has billed nearly £1.3m a week on average. That almost certainly constitutes more than 5% of its global revenue during that period and well over 10% of London revenue. For a firm of Linklaters’ diversification and global scale this is a startling amount to generate from a single mandate. Few though will doubt the firm earned its money given the complexity and scale of the insolvency, on which at various times Linklaters has had several hundred lawyers engaged.

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