European legal fees for Lehman bankruptcy reach $112m

Legal fees on the administration of Lehman Brothers in Europe have hit $112m (£68.4m) in the year since the bank's collapse. The figure is contained within a progress report from administrator PricewaterhouseCoopers (PwC), which covers all payments relating to the bank's collapse for the year ending 14 September. The report also shows that the fallen bank's administrators earned $238m (£145m) in fees over the year, and that average hourly rates for advisers have fallen from £329 to £309. Linklaters was instructed as the main adviser to Lehman in Europe at the time of the bank's collapse; however, the $112m figure covers all legal fees - including counsel - over the year.

European legal fees for Lehman bankruptcy reach $112m legalweek.com Tue, Oct 20, 2009