Lehman US legal fees near $400m as Weil Gotshal bills total $200m

Legal fees billed on Lehman Brothers' US bankruptcy have have reached almost $400m (£266m) according to public documents, writes The American Lawyer.

According to a filing with the Securities and Exchange Commission on Thursday (22 July), adviser fees since the case was filed in September 2008 have now reached $873.1m (£582m) with 17 law firms being paid almost $396.7m (£265m) by the debtor.

Lehman's lead counsel at Weil Gotshal & Manges is by far the biggest earner on the matter. The firm's Lehman bill now stands at nearly $200.6m (£134m).

There are 10 other law firms also to have roles advising what remains of Lehman. According to Lehman's 8-K filing, the firms and their billings on the case since September 2008 are:

• Jones Day, special counsel for Asia and domestic litigation: $30.2m (£20m);
• Curtis Mallet-Prevost Colt & Mosle, special conflicts counsel: $18.1m (£12m).
• Bingham McCutchen, special tax counsel: $12.8m (£8.5m).
• McKenna Long & Aldridge, special counsel for commercial real estate lending: $3.9m (£2.6m).
• Bortstein Legal, special counsel for IT and vendor contracts: $3.3m (£2.2m).
• Reilly Pozner, special counsel for mortgage litigation and claims: $3m (£2m).
• Simpson Thacher & Bartlett, special counsel for SEC reporting, asset sales, and congressional testimony: $2.4m (£1.6m).
• Windels Marx Lane & Mittendorf, special real estate counsel: $1.5m (£1m).
• Pachulski Stang Ziehl & Jones, special real estate counsel: $259,000 (£173,000).
• Kasowitz Benson Torres & Friedman, special litigation counsel: $254,000 (£169,000).

As reported earlier this month, Jenner & Block recently cashed out of its role as examiner in the Lehman case, taking $54.5m (£36m) in fees for its work.

Milbank Tweed Hadley & McCloy leads the way among the law firms representing Lehman's US creditors with $56.5m (£38m) in fees. Quinn Emanuel Urquhart & Sullivan, which is serving as conflicts counsel to creditors, has billed $7.8m (£5.2m). Richard Sheldon QC, special UK counsel with London set 3-4 South Square, has received $105,000 (£70,000) for his creditors work.

The European insolvency of Lehman has also been one of the most lucrative mandates in legal history.

Figures released for the first 12 months since the investment bank's UK administration in September 2008 showed that legal fees had hit $112m (£74m). Linklaters is acting as adviser to Lehman's administrator, PricewaterhouseCoopers.

The American Lawyer is a US affiliate title of Legal Week.

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