Legal Bill for Chrysler Bankruptcy? $21 May

Posted: June 26, 2009

Failure isn't cheap, apparently. Bloomberg reports, "Chrysler LLC's law firm Jones Day said it incurred fees and expenses of $12.7 million in May in its work for the bankrupt automaker, while other lawyers and advisers seek $8.5 million more, according to court filings." Chrysler had already spent "$18.9 million from November to May, partly to try to keep itself out of bankruptcy," before finally succumbing to the court process.

According to Reuters, Jones Day employed 72 partners and 193 other lawyers to work on the case in May, with the lead attorney averaging "15-hour workdays every day during the month, including weekends. That amounted to a bill for $401,310 for her services at $900 per hour."

Even trivial figures from the billing statement look...well...not trivial. Autoblog explains, "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."

The bill is due soon. Automotive News reports, "Objections to the billing are due to be submitted by July 10. If no objections are filed, Chrysler is due to pay the law firm $10.2 million of the amount owed."

If you're in the market for a new car, check out the U.S. News rankings of this year's best cars as well as this month's best car deals.

Best Price Program

Interested in a New?

Use the U.S. News Best Price Program to find great deals and get upfront pricing on the.