Big winner in Lehman mess: attorneys

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For the attorneys lucky enough to have a piece of the Lehman Brothers bankruptcy pie, these are good times. Law firm Weil, Gotshal & Manges is seeking up to $950 an hour to represent Lehman while restructuring specialist Alvarez & Marsal is seeking hourly payments of up to $850, the Financial Times reports. This is by far the largest bankruptcy filing--and likely the most complex--in U.S. history. Lehman Brothers filed for Chapter 11 protection last month, with assets of $639 billion and liabilities of $613 billion. By one estimate, total fees for lawyers will hit $900 million. That compares with $760 million for the Enron case and $630 million for WorldCom, the FT notes. It will no doubt drag on, as Lehman Brothers transacted with more 8,000 parties.

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