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Lehman legal fees hit $121m

Lehman legal fees hit $121m

Legal fees on the administration of Lehman Brothers in Europe have hit US$112m ($121m) in the year since the bank's collapse.

LEGAL fees on the administration of Lehman Brothers in Europe have hit US$112m ($121m) in the year since the bank's collapse.


The figure has been published in a progress report from administrator PricewaterhouseCoopers (PwC), and covers all payments relating to the bank's collapse for the year ending 14 September.


In an article published in Legal Week, it's revealed the report shows that the fallen bank's administrators earned US$238m ($257m) in fees over the year, and that average hourly rates for advisers have fallen from AUD$585 to $549.


Law firm Linklaters was the main European adviser to Lehman at the time of the bank's collapse. However, the US$112m figure covers all legal fees - including counsel - over the year.


Linklaters fielded a team of several hundred lawyers to advise PwC, Legal Week reports. Around 20 partners from the firm were involved.


A statement from Linklaters in relation to the PwC report said: "This is the largest and most complicated bankruptcy in history, raising many novel legal issues. The demand for highly specialised, value-added legal advice has been immense, and we continue to have a large multi-jurisdictional, cross-practice team of lawyers working on issues of unparalleled scale and complexity."


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