Today's Chrysler Court Docs: Debtors' Lawyers Get $24.7 Million. So Far.
So far today, the only motion filed: Chrysler debtors’ application to employ Schulte Roth & Zabel (SRZ) as “special counsel” ( download pdf here).
11. During the twelve-month period prior to the Petition Date, SRZ received from the Debtors an aggregate of approximately $24,710,000 for professional services performed and expenses incurred for and on behalf of the Debtors. In addition, in April 2009, the Debtors received a retainer of $2,000,000. SRZ has applied the entire retainer to fees and expenses incurred on behalf of the Debtors and its current balance is $0.
12. The customary hourly rates of SRZ attorneys are as follows: (a) between $715 and $880 for partners, (b) between $645 and $670 for special counsel, (c) between $265 and $615 for associates, and (d) between $110 and $305 for legal assistants.
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One cannot be surprised by any of this. Disgusted, yes, but not surprised.
lawmonkey "top paralegals get 130k a year"...working suicide hours (NYC). The base pay is generally around 55-65k (senior paras), the hours required to double that (and more) could literally kill you at your desk. Trial specialists have more negotiating leeway, but not much. Maybe all costs included, health, dental, taxes etc... Ronnie Schreiber $110 and $305 for legal assistants. You're right, most of that goes into overhead (and it's actually a low hourly rate). These bills are a hopeful suggestion and I'm sure everyone involved knows full well that a bankruptcy judge will not be paying them in full. EDIT: scratch "will not be paying them in full". I didn't realize whose counsel was at issue.