Lehman Paid Jenner $53.5M for Report on Collapse; and $794M in Fees to All Lawyers, Managers
Posted May 21, 2010 10:15 pm CDT
Jenner & Block, the law firm chaired by Lehman Brothers examiner Anton Valukas, has profited handsomely from its investigation into the September 2008 collapse of the giant investment bank.
The firm received $53.5 million for more than a year’s work producing a 2,200-page report on the investment bank’s bankruptcy, Bloomberg reported.
In all, Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, has paid its lawyers and managers $794 million in the 19 months since it declared bankruptcy, Bloomberg said, citing a filing with the U.S. Securities and Exchange Commission.
The restructuring firm Alvarez & Marsal led the pack, with $277 million in fees for “interim management” through April, according to the report. Weil Gotshal & Manges collected $182 million for acting as the investment bank’s lead bankruptcy firm. Milbank Tweed Hadley & McCloy got $53 million for advising Lehman’s creditors’ committee.
The high-profile assignment has helped boost Jenner & Block’s name recognition along with its bottom line, spurring about 675,000 media requests and a 5.7 percent increase in revenue.