Carey stated that any lawyer who tries to charge $1,000 an hour will need to prove he or she is worth that much.
"To the extent that this applicant or any other hits that mark I will require evidence in support of that rate," Carey said.
Bankruptcy law firms have been on a vulture bonanza as they seek to charge exorbitant hourly fees and participate in every bankruptcy case en masse. As we wrote, there ware roughly 513 lawyers involed in the Lehman bankruptcy case alone. In the Lehman case, advisors are expected to collect $1.4 billion, while main restructuring advisor Alvarez and Marsal had charged $400,000/day in its most recent request for compensation approval.Sphere: Related Content Print this post