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0EPII1
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Chrysler bankruptcy lawyers rack up $12.7M bill in first month

Quote :
"During bankruptcy, just about everyone involved with the affected company is going to feel the pain in some form. That is, of course, unless you're a lawyer. New York law firm Jonas Day has represented Chrysler during its time spent in Chapter 11 bankruptcy, and Automotive News is reporting that the firm billed $12.7 million for the month of May alone. That figure included 72 partners working on the case, in addition to another 193 lawyers chipping in. About $256,000 of that figure accounts for expenses, and the rest encompasses some hefty legal fees.

We're not all that surprised that it takes over 250 lawyers to execute a Chapter 11 bankruptcy of Chrysler's magnitude in only 40 days, but the figures for the firm's head lawyer, Corinne Ball, are staggering. Ball booked 15 hours a day, seven days per week for the entire month, at a bill rate of $900 per hour! That's $401,310 to you and I. On average, lawyers on the case billed $477 per hour, while paralegals came in at $224.

How much does it cost to feed 266 lawyers for a month? $5,878. That's about $20 per person for three meals, seven days a week. Taxi fees? $4,247. Document copying was a hefty $52,000 and hotel bills rang up at $62,000. Recession? What recession? Those numbers are pretty large, but in the end, results are worth big money. And getting a company the size of Chrysler out of bankruptcy in 40 days is no small task."

6/29/2009 1:37:08 PM

Ronny
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30652 Posts
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k.

6/29/2009 1:51:00 PM

JeffreyBSG
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10168 Posts
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here is a graph of U.S. lawyer salaries in 2006. rather interesting, you don't see this kind of distribution too terribly often.

6/29/2009 2:04:28 PM

SaabTurbo
All American
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I like those numbers son. I see a nice divide opening up there.

6/29/2009 2:07:47 PM

Tarun
almost
11687 Posts
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if a company is filling for bankrupcy, where does it get monies to pay the lawyers 12.7 billions?

6/29/2009 2:12:37 PM

SaabTurbo
All American
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Yo mama?

6/29/2009 2:16:20 PM

jbrick83
All American
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^^Where do you see billions??

6/29/2009 2:28:26 PM

1
All American
2599 Posts
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maybe madoff wouldn't be in jail if he paid his lawyers more

6/29/2009 5:01:12 PM

richthofen
All American
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So the firm's head lawyer - ALONE - billed $401,310 for the month. That's simply astounding.

6/29/2009 7:00:39 PM

homeslice11
All American
611 Posts
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$900 is a deal, he/she was managing 72 partners and 193 lawyers! It's amazing they were able to do this in 40 days

6/29/2009 9:16:17 PM

qntmfred
retired
41253 Posts
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That is an interesting salary distribution. I'm surprised it tops out around 150k. Doesn't make me feel so bad about my own salary

6/29/2009 10:11:15 PM

j_sun
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lesser-funded lovell

6/29/2009 10:16:37 PM

Spontaneous
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What is the distinction between the two peaks? Is it years of experience?

6/29/2009 10:19:26 PM

Rockster
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I'm guessing type of practice. The six-figure guys are probably at well connected private firms, whereas the $50k guys are probably staff lawyers working for gov't or non-profits or small time self employed lawyers.

6/29/2009 10:27:07 PM

Sputter
All American
4550 Posts
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the difference in the two peaks is probably this

the first peak is where most lawyers from Tier 2 and below live. The really good ones edge up towards the six figures.

the second peak is where Tier 1 lawyers live (Top 14 law schools) and the really good ones edge out into the upper 100,000s

^that's probably right, but then Tier 1 grads gravitate towards certain types of law

[Edited on June 29, 2009 at 10:30 PM. Reason : .]

6/29/2009 10:29:55 PM

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