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Legal Fees in Lehman Brothers Bankruptcy to Top $400M

July 26, 2010 | Posted in : Bankruptcy Fees / Expenses, Billing Practices, Expenses / Costs

Bloomberg reports that the $873.1 million in fees billed since the ongoing Lehman Brothers bankruptcy was filed in September 2008 would quadruple the annual payroll of the New York Yankees.  According to a recent filing by the SEC, 17 law firms collectively will bring in at least half that amount, with almost $396.7 million being paid out by the debtor in the largest bankruptcy in U.S. history.  Lehman’s lead counsel, Weil, Gotshal & Manges is by far the biggest earner on the matter.  The firm’s Lehman haul now stands at nearly $200.6 million.  Weil is not alone on the debtors’ side – 10 other law firms have roles advising what remains of Lehman Brothers.  Here are some of the firms and their billings on the case since September 2008, according to Lehman’s 8-K filing:

Jones Day, special counsel for Asia and domestic litigation: $30.2 million.

Curtis Mallet-Prevost, Colt & Mosle, special conflicts counsel: $18.1 million.

Bingham McCutchen, special tax counsel: $12.8 million.

McKenna Long & Aldridge, special counsel for commercial real estate lending: $3.9 million.