A New York federal bankruptcy judge has approved $120 million in legal fees involved in “old GM’s” bankruptcy case. All of that cash will go towards paying lawyers and consultants from different firms involved with the case.
Anybody who has ever had to deal with lawyers already knows that their services are not cheap. Regardless, some lawyers found their time so valuable that they hiked their hourly rates by as much as 20 percent during the bankruptcy case, some charging between $355 and $695 an hour. Two years and a couple dozen lawyers later, and the next thing Motors Liquidation Corp. knows is that it probably helped a few people enter retirement early.
Source: The Detroit News