The branch of the U.S. Department of Justice responsible for overseeing the federal bankruptcy process June 11 unveiled new guidelines aimed at ensuring that law firms charge clients they represent in Chapter 11 cases rates comparable to those they bill in other practice areas.
The new rules offered by the U.S. Trustee Program, which will go into effect for cases filed after November 1, are the product of a 18-month-plus process that represents the first thorough review in nearly 20 years of how attorneys in large bankruptcies are compensated. While the Trustee's Office routinely scrutinizes attorney fees and expenses in Chapter 11 cases, only judges can withhold requested fees or require law firms to submit additional details as a condition of receiving payment for their work.
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