The U.S. Trustee Program on Tuesday issued final revisions to guidelines for attorney fees in large bankruptcy matters, and it has pushed back the effective date from July to November 2013. The new rules will apply to bankruptcies with $50 million or more in assets and $50 million or more in liabilities.
Under the new guidelines, firms will be asked to disclose rate increases and their effect on the bill, but firms can exclude "step-up" raises due to advancements or promotions. This exclusion comes after comments from the New York City Bar’s Committee on Bankruptcy and Corporate Reorganization and others protested disclosure of "annual step-up" rates. Also, firms must report group blended rates, blended rates for non-bankruptcy matters, and the method of calculating blended rates. There are a few exceptions.
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