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Cleary Gottlieb under the spotlight as Nortel fees soar
Cleary Gottliebe, Torys LLP, Goodmans, Koskie Minsky and Gowling Lafleur are among the law firms working on the Nortel Networks bankruptcy, now becoming infamous for its fees bill.
The Canadian bankruptcy monitor Ernst & Young has said it is 'concerned about the significant costs'. thiti
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Fees and expenses submitted from law firms now account for nearly US$1.2b, representing some 11 per cent of what was available for distribution to former workers and creditors in 2011. No allegations are being made that any wrong-doing has taken place by the professionals involved - but the Canadian bankruptcy monitor Ernst & Young has said it is ‘concerned about the significant costs’.
Lowest level possible
The law firms have defended their billing. Torys, for instance, says it has used the ‘lowest-hourly-rate professional appropriate’ on the work it has done. Source: The Toronto Star
