Weil Finally Getting Paid

Harvey Miller and his merry band are finally going to see some of the fruits of their labor.

The $55 million bill Weil Gotshal submitted for work as debtor’s counsel on the Lehman bankruptcy has been approved.

That’s the biggest chunk of the legal fees, but it’s still only half of what Alvarez & Marsal got for being the restructuring advisor.

More details, after the jump.

All told, Ken Feinberg approved $96 million in legal payouts. See our earlier article for the breakdown. The process went relatively smoothly, according to Bankruptcy Beat:

Feinberg’s committee found relatively few problems with the fee applications. According to a report it filed with the court, it found just $223,262 in “inappropriate fees.” It also recommended guidelines for future billing: no car service before 8 p.m., working meals limited to $20 per person and explanations for billing more than 18 hours in a day.

That’s actually more generous on the car service than a bunch of banks and firms have been lately, moving the deadline back to 9 or later. The per diem on meals is pretty chintzy, though.

The cash will flow pretty quickly now, but 10% is held back pending final approval.

Also, that’s just for the September to January period. Weil and the others have run up bills since then, but the rate has dropped off a cliff. All told, Weil has submitted bills for $63.75 million through June.

Related posts:

1. Lehman Fees Crack Half-Billion Mark
2. Weil OWNS Bankruptcy
3. Weil’s Lehman Bill $63.75 Million and Counting
4. Kaye Finally Getting Paid
5. AIG FP Finally Getting a Clue?