Should General Motors Corp. (GM) file for bankruptcy protection, Weil Gotshal & Manges LLP, a longtime GM counsel, may earn a whooping $230 million in legal fees.
The biggest U.S. automaker may pay the lead bankruptcy counsel that much, topping the estimated $209 million Weil will charge Lehman Brothers Holdings Inc. (LEHMQ.PK), according to Lynn LoPucki, who teaches bankruptcy law at the University of Calif., LA.
A bankruptcy for GM might yield $1.2 billion for bankers, accountants and lawyers, surpassing estimated judge-approved charges of $906 million for Lehman, said LoPucki, who maintains a database to calculate fees.
Weil said its rates were $650 to $950 an hour for partners and other senior lawyers in the Lehman case. [via Bloomberg]
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