Bloomberg News is reporting that the train wreck formerly known as Lehman Brothers filed an application to pay Weil Gotshal attorneys a whole boatload of cash:
The investment bank asked for court approval to pay $650 to $950 an hour for partners and counsel, $355 to $595 for associates and $155 to $295 for paraprofessionals.
A year ago, the WSJ Law Blog did a report on the Thousand-Dollar Bar. There were only six lawyers on that list. So while $950 an hour isn’t astronomical, it’s clear that Lehman is getting the most expensive bankruptcy money can buy.
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At the upper end, $595 per associate hour is pretty good money as well.
Whenever we mention that Weil could be a bonus leader this season a smart commenter always disagrees:
Weil will never be a bonus leader because there is concern at the firm that it would seem unsightly by the firm’s bankruptcy clients to lead the market with bonuses
Good point. Still, there is a lot of money floating around Weil these days. Are you sure that they won’t trickle cash rewards down on associates?
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We’ll wait and see.
Weil May Get $950 an Hour for Lehman Bankruptcy Work (Update1) [Bloomberg]
The Law Blog Thousand-Dollar Bar [WSJ Law Blog]
Earlier: Weil Gotshal Produces The Mother Of All “We’re Awesome” Emails