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Law firms profit $1.6bn in Lehman bankruptcy

Law firms profit $1.6bn in Lehman bankruptcy

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.

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.

 

 

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