March 25, 2016
In the Law360 article, “Baker Botts Loss On Ch. 11 Fees May Nudge BigLaw Rates,” special counsel Benjamin D. Feder was quoted regarding Baker Botts’ rejected plan to work around the U.S. Supreme Court’s ban on debtors paying for lawyers’ fee applications in Chapter 11 bankruptcies. Mr. Feder said, “in terms of the overall economics, it’s difficult to say firms will ... no longer take on these engagements or try to jack up their rates to something beyond what they charge outside bankruptcy, because that will set up other problems.” He added that the bankruptcy bar and large firms will take the long view in anticipation of future, more favorable decisions in other cases or courts, or an eventual new challenge in the Supreme Court.
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