New Lehman bankruptcy filing shows Weil Gotshal billings of $300k per day

Weil Gotshal & Manges has billed the Lehman Brothers estate an average of $300,000 (£195,000) per day since the bank filed for Chapter 11, according to a new bankruptcy filing.

Last Friday (19 February) the Lehman estate submitted updated details of the fees it has paid to bankruptcy advisers up to the end of January, with the total now standing at $641.9m (£416m).

Just less than half of that amount has gone to the various law firms working for Lehman and its creditors, with 15 law firms billing a total of $310.8m (£201.4m) since Lehman filed for bankruptcy on 15 September 2008.

Weil, Lehman’s lead debtor counsel, leads the way among the law firms with total fees and costs of $149.5m (£97m) over the 16-month period.

The Lehman case is widely considered to be the most complex bankruptcy in history, and, according to various court filings, a total of 500 Weil lawyers have worked on the case at some point during the proceedings.

Other big law firm billers listed in the new filing include: Milbank Tweed Hadley & McCoy, which has billed about $42.3m (£27.4m) for its role as lead counsel to the creditors committee; Jenner & Block, the special examiner looking into the events leading to the bankruptcy, which has billed nearly $39m (£25m); Curtis Mallet-Prevost Colt & Mosle, Lehman’s special conflicts counsel, which has billed about $13.8m (£8.9m); and Bingham McCutchen, Lehman’s tax counsel, which has billed about $9.1m (£5.9m).

Restructuring firm Alvarez & Marsal, which is listed in the filing as providing “interim management” to the estate, has received a total of $233m (£151m) from the Lehman estate.

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