Lehman Brothers Holdings Inc., which set a record as the largest company to file for bankruptcy protection, is on course to yield one of the biggest bonanzas for lawyers.
So reports the Wall Street Journal. But wait, sit down and gulp as you read this:
"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."
The fee-payment request, filed Monday in U.S. Bankruptcy Court for the Southern District of New York in Manhattan, tallies work lawyers and other Weil staff members say they have performed between Sept. 15 and the end of January. The firm says it worked more than 100,000 billable hours during that period. Lead lawyer Harvey Miller is asking to be paid $950 for each of the nearly 795 hours he worked during the period.
An expense request that 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."
If this isn't utter madness and an indictment of corporations and lawyers gone mad........
So reports the Wall Street Journal. But wait, sit down and gulp as you read this:
"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."
The fee-payment request, filed Monday in U.S. Bankruptcy Court for the Southern District of New York in Manhattan, tallies work lawyers and other Weil staff members say they have performed between Sept. 15 and the end of January. The firm says it worked more than 100,000 billable hours during that period. Lead lawyer Harvey Miller is asking to be paid $950 for each of the nearly 795 hours he worked during the period.
An expense request that 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."
If this isn't utter madness and an indictment of corporations and lawyers gone mad........
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