It's Good to Be a Bankruptcy Attorney
Weil Gotchal is one of three major law firms that has asked new associates to hang out until 2011 before showing up to work. The firms are encouraging recruits to push back their start dates on account of the recession, naturally, but Weil may have a harder time pleading poverty as of this afternoon. The firm just requested the largest quarterly fee in bankruptcy history for its work on the Lehman Brothers meltdown. Weil is asking a judge to turn over $55.1 million for the the work it has done over just the past four months—plus expenses, of course—and insiders say it will probably get every penny of it. And Weil is expected to earn another $200 million in the event General Motors files for bankruptcy protection. It isn't often that we wish we'd gone into bankruptcy law. But it looks like today is one of those days.