Bankrupt companies may have to fear their lawyers more than their creditors, at least according to Department of Justice (DOJ) officials.

Members of the agency's U.S. Trustee Program convened a public meeting Monday to discuss proposed guidelines that would increase government oversight of Chapter 11 filings by companies with more than $50 million in assets. Under the new rules, law firms working these cases would have to disclose their Chapter 11 billing rates and fee applications, stop rounding up billable hours and work within preset budgets.

Government officials contend that bankruptcy lawyers charge higher fees than other attorneys—sometimes in excess of $1,000 an hour—because their clients are less apt to negotiate discounts. Those hourly rates can add up to some serious cash: Weil, Gotshal & Manges pocketed $383 million during Lehman Brothers' restructuring, for instance, and Hughes Hubbard & Reed has netted $17 million in the first four months of MF Global's bankruptcy.