Jones Day's Legal Tab for May Chrysler Work: $12.7M
Work by Jones Day on behalf of the bankrupt automaker Chrysler cost the firm $12.7 million in fees and expenses last month.
Other firms and advisers are seeking an additional $8.5 million in reimbursements, Bloomberg reports, citing court filings.
The billing period is between April 30, when Chrysler filed for Chapter 11 protection, to May 31—a little more than a week before the deal was inked to sell Chysler’s assets to Fiat SpA, Reuters notes.
According to the filing, Jones Day had 72 partners and another 193 lawyers working on the bankruptcy case. Leading the team was Corinne Ball, who averaged 15-hour workdays at a rate of $900 per hour, Reuters reports. Her bill alone was $401,310.
Any payment of fees for legal work will need to be approved by U.S. Bankruptcy Judge Arthur Gonzalez. But Jones Day doesn’t intend to try to collect on the full bill.
Rather, Bloomberg reports, it’s asking for 80 percent of the bill—$10.2 million. The firm’s blended hourly rate was $476.96.
