Update on Business Bankruptcy Legal Fees and Professionalism
A review of recent cases shows that poor billing judgment and unreasonable billing have been with us for decades.
June 28, 2021 at 03:45 PM
9 minute read
"Ours is a learned profession, not a mere money-getting trade." — American Bar Association Committee on Professional Ethics and Grievances, Formal Op. 250 (1943)
"Even after the passage of [Bankruptcy Code] §330(a)(1), bankruptcy is not intended to be a feast for lawyers." — In re Taxman Clothing Co., 49 F.3d 310, 3016 (7th Cir. 1995)
"Cause, not self. That is the sworn duty of every member of the legal profession — to subordinate their own interests to those of their clients …." — In re ABC Dentistry P.A., 2020 WL 6304698 (5th Cir. Oct. 28, 2020).
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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