Lehman’s UK legal advice costs £60m in first year

Linklaters is leading the advice for PricewaterhouseCoopers (PwC) administrators Tony Lomas and Steven Pearson, although the £60.5m figure includes all legal fees including those to barristers.

The figures emerged in a report to creditors by PwC, which earned £154m during the first year of winding up the bank.

The legal fees figure covers the total amount billed between Lehman’s collapse in September 2008 and 14 September 2009.

In a statement Linklaters said: “This is the largest and most complicated bankruptcy in history, raising many novel legal issues. The demand for highly specialised, value-added legal advice has been immense, and we continue to have a large multi-jurisdictional, cross-practice team of lawyers working on issues of unparalleled scale and complexity.”

The firm had up to 30 partners working on the Lehman administration in the aftermath of the collapse, although it is understood that the work has now levelled off.

The 100-strong Linklaters team is being led by head of restructuring and insolvency Tony Bugg (pictured), alongside restructuring partner Richard Holden and banking partner David Ereira.