Squabble Erupts Over Wachtell Lipton $10M Legal Bill in Dow Jones Sale

Some members of the Bancroft family are questioning the $10 million bill submitted by Wachtell, Lipton, Rosen & Katz for legal work regarding the sale of Dow Jones to News Corp.

Most law firms submit hourly bills with details. But not Wachtell Lipton. It simply submits a bill “for services rendered,” the Wall Street Journal reports (sub. req.). In this case, the firm didn’t even have a formal engagement letter with the Bancroft family, the newspaper says.

Some family members complain the law firm did little more than act as an emissary between them and News Corp., a service that is not worth $10 million. They are also questioning an $18.5 million bill from investment banker Merrill Lynch.