In the past few weeks, Jones Day; Schulte Roth & Zabel; and Weil, Gotshal & Manges have billed huge amounts in the country’s two most-watched Chapter 11 cases: Chrysler for Jones and Schulte, Lehman Brothers for Weil. But are those fees illegal?
According to a new study co-authored by UCLA bankruptcy law professor Lynn LoPucki (hat tip: the Wall Street Journal ‘s Law Blog), the answer might be yes. LoPucki and his co-author, fellow UCLA professor Joseph Doherty, essentially argue that bankruptcy judges allow lawyers to bill their debtor clients for months at a time before submitting those billing statements to the judge for approval, according to Bloomberg.
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