Bernie Madoff, Biglaw, Money

Meet The Billion-Dollar Biglaw Partners Behind The Madoff Case

When it comes to attorneys' fees for Biglaw partners, no number is ever too high.

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It’s been about seven years since Bernie Madoff’s Ponzi scheme — the largest in U.S. history — unraveled, and the victims of his investment scandal finally stand a chance to recoup all of their lost funds.

According to Stephen Harbeck, President and CEO of the Securities Investors Protection Corporation, anyone who invested up to $1,161,000 will “be made completely whole,” while those who invested more money in the fraudulent plan may receive about 61 cents on the dollar.

The lawyers on the case, David Sheehan and Irving Picard of BakerHostetler, have been making it rain — to the tune of over $9 billion in payouts after the next distribution — for those who lost a lot of money thanks to Madoff’s ill-fated scheme, but one wonders how much cash they’ve been able to reap in attorneys’ fees. Here’s the high-priced scoop from ABC News (emphasis added):

It has … been profitable for Sheehan, Picard and his associates at BakerHostetler. Sheehan estimated total legal fees could reach up to $1 billion for the various battles the trustees are fighting with those, he says, who ended up profiting off Madoff’s less fortunate victims.

Picard said that the $1 billion in legal fees leading to the payouts they’ve won for victims is a “very good return on an investment.”

“As a number, it’s high,” Picard said, “but in the context of what’s going on in this case, I don’t think [it’s too high].”

When it comes to attorneys’ fees for Biglaw partners, no number is ever too high. Congrats to Sheehan and Picard on getting BakerHostetler’s profits per partner up for a good cause.

Payback: Most Bernie Madoff Ponzi Scheme Victims to Get $1M [ABC News]

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