New fee guidelines for US bankruptcy cases

June 26, 2013 The US Trustee Program has introduced new fee guidelines for lawyers in "larger" Chapter 11 cases, which are set to take effect in November.

Steven J. Harper, an author and Northwestern University adjunct professor, says that law biglaw firms have precipitated the move by charging billable rates of as much as $1,000 an hour or more, and stating their intention to charge whatever the market would bear, pointing out that they "may have finally killed their golden goose."

The guidelines are not mandatory, but may have persuasive impact on the judges who approve fees for bankruptcy lawyers.

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