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.
The bankruptcy practice at Weil Gotshal & Manges now accounts for 20 per cent of the firm’s business – about $160m (£87.7m) of a total 2004 turnover of $801m ($439m) – following lead roles on MCI (formerly Worldcom), Enron and Global Crossing.
The US firm has claimed $39.8m (£21.8m) for work as chief debtor’s counsel on the MCI bankruptcy, billed $93m (£51m) for its work on Enron and reaped $11.7m (£6.4m) from its work on Global Crossing.
Weil Gotshal heads a list of firms profiting from MCI’s troubles. These include Jenner & Block, which billed $21.7m (£11.9m), and Kirkpatrick & Lockhart, which billed $18m (£9.9m). Their fees are dwarfed by accountancy giants KPMG and Deloitte & Touche, which claimed a combined $314.4m (£172.5m).
Weil Gotshal co-chair of business finance and restructuring practice Marcia Goldstein led a core group of 35 lawyers full-time on MCI but used nearly 250 throughout the Chapter 11 proceedings.
The fees dwarf the previous record set by the Global Crossing bankruptcy but will be shattered by Enron.