Weil Gotshal billings on Lehman bankruptcy rise to $127m

Weil Gotshal & Manges’ billings on the Lehman Brothers collapse have reached $127.1m (£78m), according to a new bankruptcy report filed yesterday (14 December).

The monthly operating report filed by Weil bankruptcy partner Shai Waisman shows that Lehman has paid legal counsel and financial advisers nearly $533.5m (£328m) since entering Chapter 11 in September 2008.

The fee disclosure is part of a report on Lehman’s professional fees and expense disbursements up to 30 November.

Nine other law firms have also billed the bankrupt investment bank $41m (£25m) in fees and expenses – not including $28m (£17m) in fees and expenses for a bankruptcy examiner and another $40m (£24.6m) in legal bills for creditors.

Jones Day has billed more than $12.3m (£7.6m) in fees and expenses, with New York litigation partner William Hine leading the firm’s team.

Lehman’s special conflicts counsel at Curtis Mallet-Prevost Colt & Mosle has billed $11.9m (£7.3m), while Simpson Thacher & Bartlett, Lehman’s long-term outside counsel, has billed $2.1m (£1.3m) and Bingham McCutchen $7.9m (£4.9m).

Creditors’ counsel are also reaping the rewards from Lehman’s demise. Milbank Tweed Hadley & McCloy has billed more than $36.4m (£22.4m) as lead counsel to Lehman’s creditors’ committee.

Also submitting bills for creditors are special conflicts counsel Quinn Emanuel Urquhart Oliver & Hedges and UK special counsel Richard Sheldon QC of 3-4 South Square. Sheldon has billed $74,000 (£45,500) in fees and expenses. Quinn Emanuel, which recently helped raise the stakes in Lehman’s legal battle with Barclays, has submitted bills for $4.3m (£2.6m).

This article first appeared on The Am Law Daily blog on americanlawyer.com.