Chrysler legal bill for bankruptcy rings up at $12.7 million

Chrysler’s quick surgical bankruptcy has racked up $12.7 million in legal costs in its first month. According to a court filing, Jones Day, the New York law firm that represent Chrysler in its case, submitted a bill for $12.7 million in fees and over $256,000 in expenses.

According to Reuters, the bill covers the period from April 30, when Chrysler filed for Chapter 11, to May 31, 10 days before the automaker completed the sales of its best assets into a new company owned by Fiat SpA.

Jones Day had 72 partners led by Corinne Ball, 55, working on the Chrysler bankruptcy case. A total of 194 lawyers worked with the firm during the month long case.

How much did Ball make? Averaging 15-hour workdays including weekends during the whole month, Ball charged $401,310 for her services at $900 per hour. Let’s just say Ball is ballin’ out of control. Other lawyers averaged $476.96 per hour.

We’re just left wondering what GM’s bankruptcy will amount to in legal costs.

– By: Omar Rana

Source: Reuters