62 Former Heller Ehrman Partners Agree to Pay $1.6M to Creditors
Posted Dec 11, 2009 4:44 PM CDT
By Martha Neil
Although most senior lawyers at the now-defunct Heller Ehrman firm apparently have yet to agree to a payout to the bankrupt law firm's creditors, a group of 62 primarily junior partners has reportedly promised to ante up $1.6 million in a tentative settlement.
The individual payouts aren't disclosed in yesterday's bankruptcy court filing, but the average for 56 partners who made less than $450,000 annually is $12,000, reports the Recorder in an article reprinted in New York Lawyer (reg. req.).
The other six, who made more, will pay an average of $153,000.
Another 118 former partners are being targeted by creditors, the legal publication reports. Creditors are negotiating separately with policy committee and senior management lawyers.
ABAJournal.com: "Heller Leaders Offered Reassurances While Worrying About Survival"