Lehman Fees Pass Half Billion Dollar Mark
Christmas celebrations for insolvency specialists. Recent estimates have suggested that fees could reach a record $1.4 billion (£860m) for lawyers, accountants and other professionals working on the Lehman Brothers Holdings Inc. bankruptcy.
The latest bankruptcy report filed by Weil Gotshal & Manges shows that a significant milestone has been blown away as insolvency professionals swept the fee take past the $500m mark. It reveals that Lehman has paid lawyers and other financial advisers nearly $533.5m (£328m) since entering Chapter 11 in September 2008, the figures run up to 30 November 2009.
The biggest winner is Weil Gotshal & Manges which has billed $127.1m (£78m). Other US firms have also been making hay in the rainy season including Jones Day which has billed more than $12.3m (£7.6m) and Curtis Mallet-Prevost Colt & Mosle has billed $11.9m (£7.3m).
Champagne’s on the bankruptcy lawyers this year.
