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The DOJ's New Fee Application Guidelines
Compensation for attorneys specializing in navigating failed enterprises through the bankruptcy maze has skyrocketed in recent years. Not only have rates of some premier bankruptcy attorneys soared to over $1,000 per hour, but large cases often produce fees in amounts that resemble long distance telephone numbers.
In response to perceived excesses in the bankruptcy compensation process, the United States Trustee Program recently introduced new fee application guidelines for qualifying engagements. The new guidelines seek to: 1) subject bankruptcy attorneys to the same client-driven market forces and scrutiny facing non-bankruptcy attorneys; 2) increase disclosure, transparency and public confidence in bankruptcy compensation process; and 3) remove “premium rates” from bankruptcy-associated fees. Whether the new guidelines will achieve these goals remains to be seen. But, what is abundantly clear is that, as the fee application process continues to evolve, bankruptcy practitioners must remain nimble and adapt accordingly.
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