OT: Weil bills $50m - or $15,000 an hour - for Lehman work 17 minutes ago
Aug 17, 2009
Weil bills $50m - or $15,000 an hour - for Lehman work
timesonline.typepad.com/law/2009/08/...0-million-for-four.html
Here’s one we meant to mention last week….Weil Gotshal & Manges, the US law firm, will be paid nearly $50 million for four and a half months work on the restructuring of Lehman Brothers.
James Peck, the judge presiding over the case, approved the fee request – in full – on Thursday evening alongside requests from several other firms clocking up hours on Lehman.
Weil’s fees relate to work in the first four and half months following Lehman’s collapse last September. They break down to about $357,000 a day, or nearly $15,000 an hour.
It might sound an awful lot but it’s only fair to point out that Lehman was, to be generous, a big mess when Weil’s team, led by Harvey Miller, moved in.
In total, Judge Peck approved more than $96 million in fees for lawyers and restructuring advisors working on Lehman.
No one else comes close to Weil, but others earning a crust from Lehman include:
Milbank, Tweed, Hadley & McCloy, which represents Lehman’s official unsecured creditors’ committee, $10.92 million Curtis, Mallet-Prevost, Colt & Mosle, which handles matters when Weil is conflicted, $4.2 million Jones Day, which is examining if Barclays underpaid for Lehman assets, $1.13 million
Posted by Michael Herman on August 17, 2009 | Permalink | Post to Twitter
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