Tuesday, October 07, 2003

Legal Fees Run Wild? From the NYPost: Larry Silverstein has spent close to $100 million so far on the mammoth legal battle with his Twin Towers insurers - and has told officials he needs another $80 million a year to pay for lawyers and other expenses, according to court papers and other sources. Silverstein and his Midtown law firm, Wachtell, Lipton, Rosen & Katz, refused to discuss details of his legal bills, but sources close to the developer estimated his litigation costs have run from $2 million to $4 million a month - and are likely to escalate as a trial approaches. Look, I'm a lawyer. I handle complex commercial litigation representing corporations. I practice in New York so I'm familiar with the going rate for the billable hour. Yet, would someone please tell me what the hell these lawyers are doing that is worth $2 million to $4 million a month? It's just plain crazy. I'll have more to say about the billable hour, maybe later this week. File under The Legal Profession. 11:49:26 PM