Law Firms
Lehman Owed Milbank $2.8M in Legal Bills
Posted Oct 24, 2008, 06:02 am CST
By Debra Cassens Weiss
Milbank, Tweed, Hadley & McCloy says Lehman Brothers owes it $2.8 million in legal fees, but it won’t try to collect.
Milbank made the disclosure in a document seeking to represent the official committee of unsecured creditors in the Lehman Brothers bankruptcy, the Am Law Daily reports. The document also revealed Milbank’s billing rates—$950 an hour for its top lawyers.
The document says legal work for Lehman and its subsidiaries accounted for 1.84 percent of Milbank’s gross revenue in 2008. The year before the work accounted for 2.95 percent of gross revenue—or about $19 million, according to the Am Law Daily.
By way of contrast, Weil, Gotshal & Manges, the firm representing Lehman in the bankruptcy, made $51.8 million from the investment bank in the calendar year before its collapse.