GlaxoSmithKline Gets Bang for the Buck in Alternative Billing Arrangements.
As reported in a July 5, 2012 article in The American Bar Association Journal, pharmaceutical giant GlaxoSmithKline (GSK) saved tens of millions through value-based, non-hourly billing arrangements. By the end of 2011, 68% of GSK’s legal spending was predicated on alternative fee billing arrangements, up from 3% before a corporate initiative encouraging these arrangements--saving $32.6 million in 57 matters won by outside counsel using reverse auctioning system arrangements rather than normal hourly billing agreements.
Britney Spears Is a “Happy Camper”, From a Fee Recovery Basis, in Two Restraining Order Battles.
A recent TMZ post informs us that Britney Spears is happier, especially with her attorneys’ performance as of late in two restraining order disputes. Her ex-manager was ordered to pay Ms. Spears’ conservatorship estate $92,845 in attorney’s fees in a restraining order controversy. Even better, an attorney claiming to represent her in an attempt to unhinge the conservatorship was ordered to pay $98,585 to Ms. Spears in another restraining order loss. Go, Britney!
Weil Gotshal Firm Stands to Recoup More Than $430 Million in Chapter 11 Reorganization Fees for 3 1/2 Years of Work For Lehman Bros.
Well, victims of the great recession may not do that badly, depending if they are the lawyers representing the corporate bankrupt side of the picture. A July 5, 2012 Wall Street Journal article tells us that the law firm of Weil, Gotshal & Manges, LLP stands to earn more than $430 million for leading Lehman Bros. through a large Chapter 11 bankruptcy case for over 3 1/2 years. Weil’s requested compensation ranks second to a restructuring advisory firm earning $620 million for its efforts in “re-winding” (or is it “unwinding”) Lehman Bros.
About to unwind. The Invisible Man. 1933.