Weil Gotshal Could Earn $230M in Fees if GM Files for Bankruptcy
Posted Apr 7, 2009 6:24 AM CDT
By Debra Cassens Weiss
Weil Gotshal’s fees in a General Motors restructuring could reach $230 million, according to a law professor who teaches bankruptcy law.
Weil is one of two law firms advising GM on a possible bankruptcy, according to the Wall Street Journal Law Blog. And the firm hopes to take charge of the case in the event of a bankruptcy filing, Bloomberg News reports.
Also advising GM is Martin Bienenstock, a former Weil lawyer now with Dewey & LeBoeuf.
Law professor Lynn LoPucki of the University of California at Los Angeles uses a database to estimate fees. It projects earnings of $230 million for Weil in the GM case, surpassing the estimated $209 million Weil will earn as bankruptcy counsel for Lehman Brothers, LoPucki told Bloomberg.
Weil’s rates range from $650 to $950 for partners and senior lawyers in the Lehman case, according to court filings noted by the wire service.
GM had $91 billion in assets at year’s end, less than the amount held by Lehman, but a GM bankruptcy would likely be more complicated because of disputes with workers, creditors and vendors, the Bloomberg story says.