The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Coudert Brothers has been denied full payment of its second round of fees for the reorganisation of Global Crossing, after a judge ruled against a $54,000 (£34,000) pay-out for the firm's summer associates.
The firm had applied to US bankruptcy Judge Robert Gerber to have $3.6m (£2.3m) paid out for the period from May to September as well as $265,000 (£166,200) in expenses, specifying that it would agree to a $100,000 (£62,700) reduction of its fees.
However, following objections from Global Crossing's fee committee that compensating "transitory" professionals, such as the summer associates, was not cost-effective, the judge ruled that Coudert would see its bill reduced by $234,000 (£147,000).
Other firms working on the reorganisation of the telecoms group, which has been in bankruptcy for 15 months, saw their applications for fees and expenses approved by the court.
Weil Gotshal & Manges, the debtor's counsel, was granted $7.3m (£4.6m) in compensation and expenses, adding to the $4.4m (£2.8m) the firm requested for work completed from January to April.
Debevoise & Plimpton, as special counsel to Global Crossing, requested $6.6m (£4.1m) for the May to September period, while for January to April the firm's bill totalled $6.4m (£4m).
As law firm to the unsecured creditors' committee, Brown Rudnick Berlack Israels billed around $4.2m (£2.6m) for this latest round of applications with $1.2m (£752,600) approved in the first period.
Global Crossing's fee committee estimates that total advisory fees could reach $163m (£102.2m). So far, the proceedings have seen the company's estate pay out an average of $11.2m (£7m) a month.