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Herbert Smith could be taking home as much as £1m for its work on the London Stock Exchange's (LSE) failed merger with Deutsche Börse.
The full line-up included Herbert Smith, Schroder Salomon Smith Barney, Merrill Lynch and PricewaterhouseCoopers. A £6m sum has been put aside for the advisers to the LSE.
Schroders will probably take the lion's share, investment banks' fees usually being higher than law firms'.
But it is believed that experts believe Herbert Smith will be paid between £750,000 and £1m. One lawyer says this will cover its expenses as well as allowing for a marginal profit.
Had the deal gone through, though, all of the advisers would have been in line for a success fee.
The advisers to Deutsche Börse - Hengeler Mueller Weitzel Wirtz, Goldman Sachs and KPMG - will also receive around £6m between them.
Herbert Smith declined to comment.
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