Kirkland and Weil's Fees in Chapter 11 Work Highlight Big Law Allure to Bankruptcy
Two retail giants' Chapter 11 cases have generated more than $150 million in fees for law firms.
May 06, 2021 at 05:00 AM
5 minute read
BankruptcyEven as the number of commercial Chapter 11 bankruptcies has dropped in recent months, large bankruptcies have continued to churn out big fee packages for some law firms—one reason why firms are continuing to invest and hire in their bankruptcy practices.
For instance, a glance at law firm fees in two cases—the Chapter 11 bankruptcy of Sears, filed October 2018, and the May 2020 J.C. Penney bankruptcy—reveal the cases have totaled more than $150 million for law firms since they began. Most of the money has gone to Am Law 200 firms, with some partners billing for more than $1,500 per hour.
Representing Sears Holdings Corp., Weil, Gotshal & Manges emerged as the biggest fee-earner in the Southern District of New York bankruptcy case, with more than $80 million in fees and expenses paid through the end of February 2021. Its partners billed between $1,695 and $1,200 per hour, while associates charged $1,100 to $595.
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Law Firms Mentioned
- Willkie Farr & Gallagher
- Sidley Austin
- McDermott Will & Emery
- Weil, Gotshal & Manges
- Kirkland & Ellis
- DLA Piper
- Cole, Schotz, Meisel, Forman & Leonard
- Morrison & Foerster LLP
- Paul, Weiss, Rifkind, Warton & Garrison
- Herrick Feinstein
- Quinn Emanuel Urquhart & Sullivan
- Akin Gump Strauss Hauer & Feld
- Wachtell, Lipton, Rosen & Katz
- Katten Muchin Rosenman
- Cooley
- Skadden, Arps, Slate, Meagher & Flom LLP
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