The Department of Justices U.S. Trustee Program is proposing controversial new guidelines to rein in what some see as out-of-control attorneys fees in large corporate restructurings.
The guidelines, aired at a hearing on Monday in Washington, D.C., would affect any lawyer whose fees are paid by the bankruptcy estate whether representing the debtor, creditors committee or any other court-appointed committee in Chapter 11 cases with combined assets and liabilities of $50 million or more.
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