$1,000-an-hour bankruptcy lawyer fees excessive?

Bankruptcy lawyer fees broke through the $1,000-an-hour barrier for the priciest bankruptcy legal advice. Skadden, Arps, Slate, Meagher & Flom's rates top out at $1,050 an hour. Chicago-based Kirkland & Ellis even bills up to $1,110 an hour, while Weil, Gotshal & Manges LLP is seeking a top rate of "merely" $950 for advising on the Lehman Brothers bankruptcy. "Enough is enough" says Ann Woolner of Bloomberg. "Tell the laid-off, $40,000-a-year administrative assistant trying to feed her family to cheer the awarding of $1,000 hourly fees to lawyers working the carcass of her former employer. Don’t expect Chicago Tribune reporters who have watched their Trib-heavy retirement funds vanish and fear job loss to rejoice that their employer hired Sidley Austin LLP lawyers for as much as $1,100 an hour."

$1,000-an-hour bankruptcy lawyer fees excessive? bloomberg.com Fri, Feb 6, 2009