Bankruptcy Attorney Website, which reviews and rates bankruptcy attorneys reports that some of the top bankruptcy attorneys practicing in Delaware and Manhattan, after years of contenting themselves with mere triple-digit fees, have finally broken the $1,000-an-hour benchmark.
The breakthrough is according to a survey by the New York-based ALM Legal Intelligence firm.
And in the view of one top expert, there’s not much to keep them from going even higher.
“The lawyers are in charge of the system,” said Lynn M. LoPucki, a law professor at UCLA and Harvard who has spent decades studying the practice of bankruptcy law in Delaware and the nation. “It’s beyond the power of the judges to solve this problem now.”
Business for these specialized sections of law firms also is getting a boost from the recession itself, creating an unceasing stream of financially wounded, Delaware-incorporated