October 20th in Credit Crunch, Current Affairs, Deals, International, Larry Demont, News by Editor .

Big Deal: Lehman lucrative for lawyers – Linklaters and Weil Gotshal lap it up and Freshfields and CC cheer the beer

The Lehman fallout is keeping wheels of professional services very well oiled through the downturn…

Charles Tyrwhitt UK
 

Administrators, PwC have been raking in the fees like nobody’s business. In fact they are nearing an all time record with 153 million pounds ($251 million) billed for the first year. On the back of that, legal advisers, led by Linklaters have generated 68 million pounds ($112 million) in fees. Meanwhile, in the US legal fees for work relating to the collapse of Lehman Brothers are nearly $200m, according to Securities and Exchange Commission records.

Boasting the biggest fees so far is Lehman’s lead bankruptcy counsel at Weil Gotshal & Manges at around $99m (£60m). Milbank Tweed Hadley & McCoy, counsel to the creditors committee has billed $29m (£18m); Jenner & Block,  examining Lehman’s collapse has billed $17m (£10m); Curtis Mallet-Prevost Colt & Mosle, Lehman’s special conflicts counsel, has billed $10m (£6m) and Jones Day, special counsel, has billed $7.7m (£4.7m).

Another piece of news competing in the large stakes is CVC’s deal with Anheuser-Busch InBev worth $2.23bn (£1.36bn) to purchase its Central and Eastern European operations. The acquisition is the largest this year; supping the fees are Freshfields who advised CVC and Clifford Chance, instructed by InBev. InBev has been looking to sell assets since it completed its $52 billion acquisition of Anheuser-Busch in a bid to reduce around $53 billion of debt.

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3 Comments

  • Anonymous
    October 20, 2009
  • frankly
    October 21, 2009