Jones Day Gets $21.2M in Legal Fees from Chrysler

Hate them, love them, feel however you like about them, but you must admit lawyers can fend for themselves. As we reported in a few occasions in the past, being a lawyer in the US during these troubled financial times is just about what anyone would desire. Add a few, well placed bankruptcies and voila!, instant American dream come true.

As DetNews says, the law firms involved with the bankruptcy process of American manufacturer Chrysler billed for almost $24 million in professional fees, for the work they have done for four months. That's $6 million/month ...

The sum was approved yesterday by bankruptcy court Judge Arthur Gonzalez. The firms will be payed from the assets hold by Chrysler's leftover company, Old Carco.

The biggest sum (and we do mean big) will go to Jones Day legal firm, who will receive $21.2 million, $20.26 million of which represent fees. In a gesture of good will, Jones Day agreed to defer $213,663 in fees, for which they had no government consent for reimbursement.

Additionally, Capstone Advisory Group will receive $4.58 million in fees and $390,000 in expenses for the financial analysis made prior to the filing, as well as for some work done for Chrysler during its bankruptcy.

Back in June, the sum of money to be paid to the lead attorney was almost half of the one approved yesterday. According to court filings at the time, only for copying documents, the lead bankruptcy attorney, Corinne Ball, asked for $52,628.32...

No reaction yet from the lenders now battling for Chrysler leftovers...