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Law firms and consultants have shared almost $1.6 billion from Lehman Brothers’ bankruptcy, according to the latest filings. The profits make it the largest bankruptcy in history.
Law firms and consultants have shared almost $1.6 billion from Lehman Brothers’ bankruptcy, according to the latest filings. The profits make it the largest bankruptcy in history.
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Court filings for fees and expenses up to 31 January 2012 reveal a bill of almost $1.6 billion, according to CNN. The amount is twice the $783 million associated with the Enron bankruptcy.
The main law firm representing Lehman Brothers, Weil Gotshal & Manges, and the firm representing the bank’s creditors, Milbank Tweed Hadley & McCloy, were two of the biggest billers in the case. They are set to profit $383m and $133m respectively, The Lawyer, a UK legal site, reports.
According to reports, about 33 law firms advised Lehman Brothers during its bankruptcy. Among them were Bingham McCutchen, Curtis Mallet-Prevost, Colt & Moslef, Jones Day and Quinn Emanuel Urquhart & Sullivan, which all collected at least eight figures each.
Lehman Brothers is expected to exit bankruptcy protection this week.
