Enron reels under level of legal fees

Former employees of Enron Corp have been astounded at the fees commanded by law firms handling the collapsed energy trader’s bankruptcy

Enron has seen its pre-bankruptcy spend of around $3m (A$5.76m/£2.12m) per month increase to a post-bankruptcy amount of $8m (A$15.35m/£5.65m), while ex-employees have been offered a relief fund of just $5m (A$9.6m/£3.53m) to be shared among them. Weil Gotshal & Manges, which is leading Enron’s restructuring, accounted for at least two-thirds of the $8m billed in December. According to a court document filed in February, the New York giant claimed more than $5m for its services.