"The first thing we do, let's kill all the lawyers"

[altiain]

From Autoblog:

During bankruptcy, just about everyone involved with the affected company is going to feel the pain in some form. That is, of course, unless you're a lawyer. New York law firm Jonas Day has represented Chrysler during its time spent in Chapter 11 bankruptcy, and Automotive News is reporting that the firm billed $12.7 million for the month of May alone. That figure included 72 partners working on the case, in addition to another 193 lawyers chipping in. About $256,000 of that figure accounts for expenses, and the rest encompasses some hefty legal fees.

We're not all that surprised that it takes over 250 lawyers to execute a Chapter 11 bankruptcy of Chrysler's magnitude in only 40 days, but the figures for the firm's head lawyer, Corinne Ball, are staggering. booked 15 hours a day, seven days per week for the entire month, at a bill rate of $900 per hour! That's $401,310 to you and I. On average, lawyers on the case billed $477 per hour, while paralegals came in at $224.

How much does it cost to feed 266 lawyers for a month? $5,878. That's about $20 per person for three meals, seven days a week. Taxi fees? $4,247. Document copying was a hefty $52,000 and hotel bills rang up at $62,000. Recession? What recession? Those numbers are pretty large, but in the end, results are worth big money. And getting a company the size of Chrysler out of bankruptcy in 40 days is no small task.

I don't know about you, but that really pisses me off.

[Snowdoggie]

Let me tell you about all the unemployed lawyers I know who are looking for work and facing 100K in student loan debt.

[goofygrin]

Because you didn't go to school to become a lawyer so you could work 15 hours a day, 7 days a week for 40 days?









I hate the lawyers too

[POS Racing]

Let me tell you about all the unemployed lawyers I know who are looking for work and facing 100K in student loan debt.

Awsome!

[Sharpie]

Let me tell you about all the unemployed lawyers I know who are looking for work and facing 100K in student loan debt.

One of my good friends is in this boat. He signed up for the military starting in November. At least his loans will be paid for.

As for this story, yeah that sucks.

[CosmosMpower]

20 bucks a meal seems reasonable but 900 an hour does not.

[cam76034]

How about the lawyer that spent $75,000 of taxpayer money to take his wife out on a date for the evening?

I don't know about you, but that really pisses me off.

[Dudley Dawson]

This doesn't bother me at all. At least lawyers do actual productive work for their money, unlike a lot of those ding-dongs in the finance industry who expect obscene bonuses regardless of whether their own efforts have been profitable or disastrous.

And any of you who are thinking Chrysler's lawyers should've cut a better deal for the sake of the taxpayers should ask yourselves if General Dynamics or Halliburton would do the same.

Personally, I love lawyers. They're the only ones who have the power to stick it back to a system determined to stick it to you. In today's world, having a law degree is like having a revolver in the old west.

[Snowdoggie]

Awsome!

What is really bad is that a lot of unemployed real estate agents and mortgage brokers are going to law school expecting to return to their pre-housing bust income levels as soon as they graduate and pass the bar.

Lots of rude awakenings in about three or four years.