OK, the meter has started running in the Chrysler LLC bankruptcy. Among the filings in the case are the motions for admission and fee applications by Jones Day, the debtor counsel for Chrysler.
The
New York law firm's team is being led by partners John Cornell ($950
an hour) and Corrine Ball and David Heiman, at $900 per each. Cornell
will work on employee benefits and labor issues.
How do these fees compare to those by the rest of
bankruptcy bar? When all bankruptcy assignments are considered, Cornell
wouldn't crack the top 15, according to The Deal Pipeline.
Robert
Kent of Freshfields Bruckhaus Deringer LP billed $1,315 an hour for his
work as special counsel in the Advanced Marketing Services Inc. case
and, at number 15, is Jonathan M. Landers of Gibson, Dunn &
Crutcher LLC, for the $955 per billed in the Hoop Holdings LLC case.
Among
debtor counsel only, top scale is Mark Thompson ($980 an hour) of
Simpson Thacher Bartlett LLP, who represents bankrupt Qimonda Richmond
LLC. Cornell would crack the top 10, tied with Weil, Gotshal &
Manges LLP's Harvey Miller (Lehman Brothers Holding Inc.), Kirkland
& Ellis LLP's Stephen Fraidin (Solutia Inc.) and Dewey &
LeBoeuf LLP's Martin Bienenstock (G-I Holdings Inc.).
One distinction between Chrysler's filing and say, Lehman
Brothers Holdings, the largest filing to date, is Chrysler's counsel
includes attorneys from seven of Jones Day's offices and attorneys
within bankruptcy, labor, corporate, M&A, tax and lending practice groups.
Some
18 Jones Day partners are working the Chrysler case. Besides some
mentioned, others include Richard Engman ($725 an hour) in New York,
Kevyn
Orr ($700) in Washington and Jeffrey Ellman ($725) in Atlanta. - Mike Schoeck
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The thing to remember is David Heiman is in Cleveland, not New York. There is a huge difference in rates between the two cities.