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

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

Post by xtine Thu Jun 25, 2009 4:04 pm

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.

http://www.autoblog.com/2009/06/25/chrysler-bankruptcy-lawyers-rack-up-12-7m-bill-in-first-month/
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Post by thewalrus Thu Jun 25, 2009 4:08 pm

hahahahaha shit I chose the wrong fiel... oh, wait.


FUCK
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Post by xtine Thu Jun 25, 2009 4:10 pm

I thought of you, Wally. wub

You should see if that head lawyer chick is single.
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Post by thewalrus Thu Jun 25, 2009 4:15 pm

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Post by xtine Thu Jun 25, 2009 4:18 pm

It doesn't say she's married! :saynomore:
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Post by VS Thu Jun 25, 2009 4:37 pm

How is a paralegal billing $224 an hour?
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Post by thewalrus Thu Jun 25, 2009 4:45 pm

VS wrote:How is a paralegal billing $224 an hour?

haha I noticed that too. I don't know. Top-flite New York based bankruptcy law firm in this economy? They can pretty much charge what they want in a case like this.

Still, that's over twice what I charged as a Student-at-Law, and around $100 more (after currency conversion) than a first or second year associate would charge here.
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Post by Olds Thu Jun 25, 2009 5:03 pm

6 K for feeding 266 people for a month is not a lot at all.....
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Post by thewalrus Thu Jun 25, 2009 5:07 pm

Olds wrote:6 K for feeding 266 people for a month is not a lot at all.....

That's because they're all at their desks eating fast food.
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Post by Olds Thu Jun 25, 2009 5:18 pm

:hump:
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Post by VS Thu Jun 25, 2009 5:21 pm

Keep in mind that's almost $7000 canadian. Huge difference.
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Post by Aristotle Thu Jun 25, 2009 10:20 pm

this is why all these clowns get into big law.

the irony is that it's the ibankers that were making the real dough for so long and rubbing it in the lawyers' faces. now the tides have turned.

tides have turned.

have turned.

turned.
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