Monday, May 3, 2010

Legal Tab for Lehman Bros. Bankruptcy: $1 Billion+

Just 19 or so months after filing for bankruptcy, the failed Lehman Bros. investment house has been hit with $730 million in attorneys' charges. And these are fees due the attorneys working for Lehman, not against.

It's estimated that the total legal tab for the largest bankruptcy in U.S. history may well top $1 billion.

It's not hard to figure out why: In one month, a single attorney charged $2,100 for limo services. Another $263,000 was billed for photocopies over a four-month period. Leaving a message came in at a mere $48.

At least one segment of the American economy--bankruptcy lawyers--seems to be making out like bandits in the Great Recession.