The administrators of Lehman Brothers have sought to allay pay fears among the bank's legal team, promising that staff will be paid at the end of the month.
Lehman’s 200-strong legal, compliance and audit team, which employs some 70 lawyers, has been retained by PriceWaterhouseCoopers (PwC) to work on the administration but it was unclear where their wages would come from in the aftermath of the banks’ collapse (TheLawyer.com, 17 September).
However a statement released by PwC last night said payments would be made “no later than 30 September”, adding that “unfortunately, due to the timing of the administration, the administrators will be unable to process any salary or other employment-related payments this week.”
Prior to the announcement, legal recruiters reported that dozens of Lehman lawyers had contacted them this week, with one describing the bank's staff as “in limbo".
A source within the group told The Lawyer yesterday that the legal team had remained at the bank to work on the administration, adding: “There is stacks of legal work. Many people will be here for a while.”