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Lehman Brothers Law Firm Weil Gotshal Seeks $55 Million in Fees
By Amarendra Bhushan for CEOWORLD Magazine Updated:April 16, 2009
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Lawyers and Accountants who are trying to reform the European crumple of American investment bank Lehman Brothers,the world’s biggest bankruptcy, have charged more than £100 million in fees in six months.
New York-based Weil, Gotshal & Manges LLP earlier this week asked a federal bankruptcy judge in New York to sign off on a $55.1 million payment for its work representing Lehman.
That would exceed the next-highest debtor counsel fee, the $159 million that Weil earned during the Enron bankruptcy, wsj reported.
- The firm says it worked more than 100,000 billable hours during that period.
- Harvey Miller, lead lawyer is asking to be paid $950 for each of the nearly 795 hours he worked during the period.
- Weil also filed Monday includes more than $200,000 for business meals, $439,000 for computerized and “other” research, $115,000 on local transportation and $287,000 on duplicating charges, at 10 cents a page.
- Other firms working on the case are Milbank, Tweed, Hadley & McCloy, unsecured creditors.
Lazard Freres & Co., the investment banker to Lehman, is seeking $6.6 million in compensation for the same period, according to its request filed April 10. Lazard represented Lehman in the sale of various assets including its brokerage business to Barclays Plc for $1.54 billion, Bloomberg reported.
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