Weil billings on MF Global administration reach £15m with £2m for Norton Rose
Weil Gotshal & Manges has billed more than £15m for its work on the administration of MF Global in the past year, as total legal fees generated by the broker's high-profile collapse pass £18m. The second six-month progress report filed by administrator KPMG reveals that lead legal adviser Weil billed a total of £5.8m for the period from 1 May to 30 October this year.
December 10, 2012 at 07:03 PM
3 minute read
Weil Gotshal & Manges has billed more than £15m for its work on the administration of MF Global over the past year, as the total legal fees generated by the broker's high-profile collapse pass the £18m mark.
The second six-month progress report, recently filed by administrator KPMG, shows that lead legal adviser Weil billed a total of £5.8m for the period from 1 May to 30 October this year.
The US law firm, which has been advising KPMG on the administration since it kicked off late last year, also previously billed £9.3m for its work from 31 October 2011 to 30 April 2012, meaning the firm's total fees over the 12-month period now stand at just over £15m.
MF Global filed for bankruptcy at the end of October last year, with the brokerage firm's UK arm the first company to enter Britain's special administration regime set up to protect market stability in the wake of the 2008-09 financial crisis.
Weil's London restructuring head Adam Plainer and fellow partner Paul Bromfield have been leading a City team advising on the closely watched administration, alongside partners from the firm's London corporate and finance practices.
Norton Rose, meanwhile, has been handling regulatory advice for the administrators, with the progress reports showing that the firm has charged more than £2m for its work on the case, with just over £1m billed for each six-month period.
City corporate partner Jonathan Herbst, who specialises in UK and EU financial services regulation, has been leading the firm's team.
The reports also show counsel fees of £548,000 for the first six-month period and £667,000 for the second period. Weil has been working with Martin Pascoe QC, Antony Zacaroli QC, Daniel Bayfield and Adam Al-Attar of South Square.
In total, legal fees shared by Weil, Norton Rose and counsel reached £10.9m for the first six months and £7.5m for the second half of the year.
Other law firms to have taken related roles in the wake of MF Global's collapse include Ashurst, which has advised the Financial Services Authority on the implementation of the terms of the new administration regime, while MF Global's parent company in the US has been working with longstanding adviser Skadden Arps Slate Meagher & Flom.
Late last year Slaughter and May was also brought in as UK counsel by MF Global's trustee, James Giddens, to advise on a dispute with KPMG over customer funds. The New York court application to retain Slaughters contained details of Slaughters' charge-out fees for insolvency and bankruptcy work, with hourly rates for partners set at £550 and £450 for senior associates.
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