September 5, 2011
To Dodgers, Bankruptcy Incurs Cost by the Hour
"On July 6, Bruce Bennett analyzed a letter from a Los Angeles Dodgers fan about the team’s stunning bankruptcy filing. For his time — one-tenth of a legal hour, or six minutes — Bennett earned $97.50, exactly what he billed for a more standard task, such as examining the day’s docket.
That is a fine wage for Bennett, who makes $975 an hour as the Dodgers’ lead bankruptcy lawyer. For 34 days of legal toil that ended July 31, Bennett’s firm, Dewey & LeBoeuf, incurred fees of $1.7 million, it said last week in a court filing. That is a smidgen less than the Dodgers are paying the injured right-handed pitcher Vicente Padilla, who has not appeared in a game since May."
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Ouch, I am sure that Mr. Bennett will be examining the docket often at $975 per hour.
Posted by: Raymond Schimmel | Sep 5, 2011 1:20:23 PM