ProfessionalFeesinLargeChapter11BankruptcyCasesNovember30,2017

1:00pm-3:00(Eastern)/Noon-2:00pm(Central)/10:00am-Noon(Pacific)

ConferenceDial-inPhoneNo:(312)667-4792AccessCode:260397

PanelistsJeffreyL.Cohen,Partner,LowensteinSandlerLLP(NewYork)H.JosephAcosta,Partner,FisherBroyles LLP(Dallas)

EliseS.Frejka,FoundingMember,Frejka PLLC(NewYork)1

CLECall-inInstructions

Please use the NALFA dedicated conference call-in phone no. of (312) 667-4792with access code the 260397.

Inordertopreventbackgroundnoise,pleasemuteyourselfasyoujointhecall.Thehostmayalsomuteregisteredguestsasneeded.

Sincethecallis120-minuteprogram,youmaywantputthecallonspeaker.

Ifyougetdroppedfromthecall,youcancallbackin

Weencouragequestionsforourpanel.Ifyouhavequestionsforpanelistsbeforeorduringtheprogram,pleaseemailthemtoTerryJesseatterry@thenalfa.org

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AboutNALFA

The National Association of Legal Fee Analysis (NALFA) is a 501(c)(6) non-profit professional association for the legal fee analysis field. Ourmembers provide a range of services on attorney fee and legal billingmatters.

Courts and clients turn to us for expertise when attorney fees andexpenses are at issue in large, complex cases. NALFA members includefully qualified attorney fee experts, special fee masters, bankruptcy feeexaminers, fee dispute mediators and legal bill auditors. Our membersfollow Best Practices in Legal Fee Analysis.

For more on NALFA, visit www.thenalfa.org

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NALFA2017CLESeriesSponsors

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Panelists’BioJeffreyL.Cohen isapartneratLowensteinSandlerinNewYork.Atrustedadvisortounsecuredcreditors,creditors’committees,anddebtors,Jeff’stenaciouscounseladdssteadymomentumtoourgrowingclientbaseinretailbankruptcyandisastrongresourcetodistressedclientsinthetechnologysector.Hispracticecentersonchapter11bankruptcyreorganizationsandrelatedlitigation.Jeffhasservedascounseltothecreditors'committeeinseveralofthemostprominentretailandtechnologyChapter11casesinthecountry,notablyretailmatterssuchasVestis(EasternMountainSports,Bob’sStores,SportsChalet),CitySports,Skymall,Brookstone,BlockbusterVideo,Filene’sBasemen.

H. Joseph Acosta is a partner at FisherBroyles in Dallas. Joe has a broad base of bankruptcy, corporaterestructuring and commercial litigation experience, having worked at national and international law firms, like JonesDay and Cox Smith, for most of his career. During his 17 years as a lawyer, he has been involved in some of the largestand most complex restructurings and litigation projects in the United States. He has taken lead roles in successfullyrepresenting banks, financing companies, distressed companies, committees, trustees, individuals, landlords, assetpurchasers, retailers, and commercial creditors in all types of proceedings, including bankruptcy proceedings, federaland state lawsuits, arbitrations, and appeals.

Elise S. Frejka is the founding member of Frejka PLLC in New York. Elise’s practice is concentrated in the area’s ofcreditor rights, corporate restructuring, and privacy, and litigation. Her practice focuses on restructuring; crisismanagement; corporate governance; and financings; plus acquisitions involving distressed situations in a wide array ofindustries on behalf of debtors, creditors, chapter 11 trustees, creditors committees, ad hoc committees, institutionallenders, investors, hedge funds, private equity firms, and acquirers of distressed assets and securities. Elise hascounseled clients in every significant Ponzi scheme over the past decade.

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PanelDiscussionOutline

I. OverviewofChapter11Bankruptcy

II. TheUse&RoleoftheBankruptcyFeeExaminer

III. RoleoftheU.S.TrusteeProgram

IV. USTPFee/BillingGuidelines

V. EstablishingHourlyRates&PreparingFeeApplications

VI. FeeApplicationRedFlags:Billing&Expenses

VII. “FeesforFees”BakerBottsv.Asarco andothernewerrelatedcases

VIII.Questions

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OverviewofChapter11Bankruptcy

WhatisBankruptcy?

Bankruptcyisacourt-supervisedprocesspursuanttowhichdebtors(individualsandbusinesses)areabletoadjusttheirdebtsandlegalobligations.

Bankruptcyisintendedtoprovideafreshstartfordebtors;manyBankruptcyCodeprovisionsaredirectedatthispurpose.

Bankruptcyisalsointendedtopromotefairtreatmentamongcreditorsandotherinterestedparties.Note,thisdoesnotmeanthatcreditorswillbetreatedobjectivelyfairlyasconcernstheirrightsagainstthedebtor.

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OverviewofChapter11Bankruptcy

CommonTypesofBankruptcy:Chapter7(Liquidation)

Chapter7governstheprocessofliquidation.

BusinessesandindividualsmayfileChapter7.

Uponfiling,abankruptcyestateiscreated.

AChapter7trusteeisappointedtoliquidatetheassetsoftheestate.Management,ofitisacorporatedebtor,isnolongerincontrolofthebusiness.

TheChapter7trusteesellsthedebtor’spropertyanddistributestheprocesstothecreditors.Ifnovaluableassetsexist,thetrusteewilldeemthecasea“noasset”caseandabandonthepropertybacktothedebtor.

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OverviewofChapter11Bankruptcy

CommonTypesofBankruptcy:Chapter11(Reorganization)

Chapter11governstheprocessofreorganization.

BusinessesandindividualsmayfileChapter11.

Uponfiling,abankruptcyestateiscreated.Thebankruptcompanyiscalleddebtor-in-possession(DIP).

NotrusteeisimmediatelyappointedinaChapter11.Management,ifitisacorporatefiling,remainsincontroloftheDIPandmaycontinueoperatingthebusiness,includingemployingprofessionals,addressingcreditorclaims,andfilingreportstothecourt.

TheDIPhastheexclusiveright,foratime,tofileaplanofreorganization.

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OverviewofChapter11Bankruptcy

OtherTypesofBankruptcies

Chapter9:Adjustmentofdebtsofamunicipalityandothergovernmentalentities.

Chapter12:Adjustmentofdebtsoffamilyfarmersandfishermenwithregularincomes.

Chapter13:Adjustmentofdebtsofindividualswithregularincomes.

Chapter15:Governsforeignandcross-borderinsolvencycases.

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OverviewofChapter11Bankruptcy

KeyPlayers/InterestedPartiesinBankruptcyCases

Debtor/Debtor-in-Possession(DIP)

SecuredCreditor

UnsecuredCreditor

U.S.Trustee/USTP

CaseTrustee

FeeExaminer

CreditorsCommittee

Professionals

U.S.BankruptcyJudge

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OverviewofChapter11Bankruptcy

TheU.S.TrusteePrograminChapter11Cases:TheBasics

DivisionwithintheDOJ.

Actstoprotecttheintegrityofthebankruptcysystem

Conductsinitialdebtorinterviewandmeetingofcreditors(341meeting)

Reviewsmonthlyoperatingreports,whichadvisespartiesofthedebtor’songoingbusinessoperations.

Professionalretentionandfeeapplicationoversight.

Mayrequestdismissal,conversionorappointmentofChapter11trusteewhendebtorfailstomeetobligationsundertheBankruptcyCode.

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TheRole&UseoftheBankruptcyFeeExaminer

BankruptcyFeeExaminer:TheBasics

Thefeeexaminershouldbeabankruptcyexpertwhoisqualifiedtomakejudgmentsaboutthecosts,benefitsandefficiencyoftheapplicant’swork.

FeeexaminershavebeenappointedinlargecaseslikeLehmanBrothers,GeneralMotorsandAmericanAirlines.

TheUSTPGuidelinesencouragegreateruseoffeeexaminers.

Feeexaminerisguidedbythecourtorderestablishingtheexaminer’sdutiesandpowers.

Feeexaminersareindividuals,notfeeauditfirms.Feeauditfirmscanassistfeeexmainers.

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TheUSTPFeeGuidelines

TheUSTPFeeGuidelines:TheBasics

FeeguidelinesforChapter11casesthatlist$50Mormoreinassetsand$50Mormoreinliabilities.

FeeGuidelinesdesignedtoensurestatutoryrequirementslimitingbankruptcyfeestoMarketRates– notPremiumRates.

TheUSTPissueditsoriginalguidelinesin1996.

Thefeeguidelinesarenotlegallybinding,buttheUSTPintendstolobbybankruptcycourtstoincorporatethemintotheirlocalrulesofprocedure.

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TheUSTPFeeGuidelines

WhataretheUSTPFeeGuidelines?

RequiredbyStatute(1994BankruptcyReformAct)

UniformandConsistent

u Internalguidanceforfeereview

u Expectationsofprofessionals

u Groundsforpossibleobjections

InitialUSTPGuidelines(AppendixA)forallchapter11casesbecameeffectivein1996.

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TheUSTPFeeGuidelines

WhathasChangedSince1978and1996?Outsidebankruptcy

u Clientrevolutioninmanagingandpayingcounsel

u Newtechnology

Insidebankruptcy

u Bigcasesevenbigger

u Proliferationinnumberofprofessionals

u Feereviewmorechallenging

u Non-bankruptcymarketpracticesnotfollowed

u Third-partypaymentandapprovaldistortcompensation

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TheUSTPFeeGuidelines

FeeGuidelinesforLargeChapter11Cases(AppendixB)Processforadoption:

u Twoyears

u Pre-draftingconsultation

u Twodraftsforpubliccomment

uDOJPublicMeeting

uAssoc.AGannouncedJune11,2013

uEffectivefor“large”(>$50millioninbothassetsanddebts)chapter11casesfiledafterNovember1,2013.

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TheUSTPFeeGuidelines

HighlightsofPublicComments&RevisionsGenerally,thefinalGuidelinesprovidefor:Ashowingthatrateschargedreflectmarketratesoutsideofbankruptcy.Theuseofbudgetsandstaffingplans.Thedisclosureofrateincreasesthatoccurduringtherepresentation.Thesubmissionofbillingrecordsinanopen,searchableelectronicformat.Theuseoffeeexaminers.Theuseof“efficiency”counsel.

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TheUSTPFeeGuidelinesFindingsofGAOReport:CorporateBankruptcy- StakeholdersHaveMixedViewsonAttorneys’FeeGuidelinesandVenueSelectionforLargeChapter11Cases15of18AssistantU.S.Trusteesreportedthattheythoughttheguidelineswerelikelytohaveapositiveeffectontransparency,efficiency,orfees.

8of14bankruptcyattorneyssaidtheguidelineswereunlikelytohaveaneffectontransparency,efficiency,orfees.

4of14bankruptcyattorneyssaidtheguidelineswouldincreasetransparency,but3ofthe4notedthattheguidelineswouldnotimprovetheefficiencyofcasesorreducethefeesawarded.Forexample,1attorneyexplainedthatthebestwaytoreducefeesinbankruptcyistoimproveefficiencytoreducetheoveralltimeacasetakestocomplete,andhewasnotsurewhetherthe2013guidelineswouldbeabletodoso.11of25judgesrespondedthattheguidelineswerelikelytohaveanpositiveeffectontransparency,efficiency,orfees.10of25judgesrespondedthattheywerenotlikelytohaveapositiveeffect.

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Statutes&Rules:Chapter11&Fees

11 U.S.C. § 330(a) sets standards for allowance of fees and expenses to be paid from theestate.

u Fees must be reasonable compensation for actual, necessary services.

u Expenses must be actual and necessary.

Fed. R. Bankr. P. 2016(a) prescribes content of fee applications.

28 U.S.C. § 586(a)(3)(A) requires U.S. Trustee to review applications in accordance withuniform guidelines and to comment on or object to such applications.

Courts have the independent obligation to review fee applications.

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FeeReviewUnderTheBankruptcyCode

Morecomplexcasesledtoagreaternumberofmorevoluminousapplications.

u Multiplicityofprofessionalsforbothdebtorandcommittee.

u PlacedburdenoncourtstaffandU.S.Trusteepersonnel.

Privatedevelopmentofcomputerprogramsforfeeanalysis.

Courtsbeganretainingprivatefeeanalyststoprovidereportsonapplications.

u Beganaroundearly1990s(e.g.,ContinentalAirlines,D.Del.).

Feecommitteesdevelopedsomewhatlater.

u CommitteesappointedinUnitedAirlines,K-Mart,BethlehemSteel,Worldcom,EnronandAdelphia.

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FeeCommitteesandExaminersunderLargeCaseFeeGuidelines

USTPwillordinarilyseekappointmentofa“feereviewentity”inalargechapter11case.Possibleexceptions:

u Trueprepackagedcase.

u Casewherenumberofestate-paidprofessionalswillclearlybesmall.

USTPwillconsultearlyincasewithdebtorandcommitteeaboutstipulatingtoappointmentoffeeexaminerorcommittee.

u Timingisimportant.Adelayedappointmentcanhamperthefeeprocess.

u Thestipulationwillbepresentedtothecourtasanorder.

u Suchagreementshavebeenverycommon.

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FeeReviewModels

FeeExaminer(not§ 1104examiner)

u Examples:GM,AmericanAirlines

FeeCommitteewithIndependentChair

u Examples:Enron,LehmanBros.

FeeCommittee

u Examples:Worldcom,GGP,Adelphia

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FeeReviewValue

Anexperiencedbankruptcyprofessionalwillserveasindependentmemberorexaminer

u Morethanfeeauditorfocusedonnumbers

u Raiseimportantlegalissuesforadjudication

Rigorousreviewshoulddeterbadpractices.Earlycorrectionmayavoidlargerproblemslater.

Feesreducedvs.costofreviewisnot apropermeasureofsuccess.

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Tensionbetweenrepresentingthefiduciaryclientandcertainchoicesaboutworkandstaffing

Fiduciarydutiesofestate-paidprofessionalstendtoleadtocertainchoicesintermsofworkdoneandthestaffingofthatwork.

FeeCommittee/FeeExaminerasanaidtotheCourt’sdeterminationofreasonableness.

u Oftendifferentdynamicbetweenretainedprofessionalsandfeeexaminervs.feecommittee.

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GeneralPhilosophyIt’simportanttogatherthefacts,includingaskingtheprofessionalswhytheymadecertainchoices.Askingisbetterthanassuming.

Creatingageneralunderstandingupfrontsavesmisunderstandingslateron.

u Whatispresumptivelyreasonableinthecontextofagivencase?

u Howdowecommunicateaboutexceptionstorebuttablepresumptions?

u Communicationandplanningarekey.

u Whoshouldbeprimarycontactonbehalfofretainedprofessional?

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Sortable datamatters.

LEDESformatisveryuseful(https://ledes.org)

Notquiteasuseful:Excelversionsofdata;searchablePDFs.

u Ittakestimeto“unblock”block-billingandtosortthroughvaguedescriptions.

u Don’tgiveawaythisbilledtimebybeingimprecise.

Descriptions matter.Don’tmakethefeereviewerguesswhatyou’redescribingintermsofworkdone.

u “Attentiontofile”hasneverbeenausefuldescription.

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The4.5BasicConsiderations:

AretheprofessionalsdoingtheworkthattheBankruptcyCourtauthorizedthemtodo?

Aretheyusingtheappropriatestaffing tocarryouttheirwork?

Aretheyspendingareasonableamountoftime doingthework?

Whatisthequality ofthework?

(Andthe.5)Aretheexpenses reasonable?

u Real-lifeexamples:$140shirtbilledtotheestate;in-roommovies.

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FirstThingsFirst:WhatdoestheOrderAuthorizingEmploymentSay?

Overlayacrossprofessionals—contextspecific.

“MissionCreep”

Asworkexpands,havetheprofessionalsgottenanamendedorderauthorizinganexpandedscope?

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MovingFromtheOrdertotheBudget

Budgetvs.Actual—anyunusualvariance?Explanation?

Clientsign-offonbudget/actual?

PracticePointer:budgetsareverydifficultinthechapter11context.Periodicreviewandrevisiontopreviouslysubmittedbudgetswillmakethemmoreusefultoyourfeeexaminer.

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“FirstSlices”

%oftimespentpreppingthefeeapplication.

Foreachprojectbillingcategoryeachmonth:

u Sortbyname,rank(partner,associate,paralegal,orsomeothercategory),andhourlyrate.

u Sort by how much time each of them spent.

u Sortinorderfromthepersonwhobilledthemosttimetothepersonwhobilledtheleasttime.

Aim:“lowestefficientbiller.”

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SpeakingofEfficiency:

How many ≥14+ hours days in a row? Explanationfor have several days in a row while operating in ahighly sleep-deprived environment?

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Eyeballingthe“Quality”

Forworkthattook≥20hoursofbilledtime,lookattheworkproduceitself.

u Real-lifeexample:32hoursofworkforan8-pagestayreliefmotion.

Confidentialityagreementsforworkproductthatisnotpartofapublicrecord.

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RedFlagsTriggeringFollow-upQuestions:

Vaguetimeentries.

Block-billedentries.

#ofpeopledoingaparticulartaskataparticulartimewithoutaclearexplanationofwhythesepeoplewereallworkingonaproject.

Top-heavy(highhourlyrates)billingontasksthatdon’trequirehighlevelsofexperienceandjudgment.

Thingsthathavetraditionallycountedasoverheadbeingchargedtotheestate.

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MoreRedFlags:

.1forreadingeachentryonaday’sdocket,orseveralpeopleallreviewingthedocketforthesamereason.

Notfollowinglocalrulesforthingslikecarservices/meals/non-workingtraveltime.

Abnormallyhighairfareorhotelrates.

Unusual hourly rate increases or increases that did not first get clientapproval.

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RedFlagReal-LifeExamples:Expenses

Tensofthousandofdollarstomakecharts(presumablyfromExceldata).

Cellphoneschargedtotheestate.

A$140shirtchargedtotheestate.

A$200,000lobsterdinnertoboost“morale”foremployeesstuckon-siteforseveralweeksinarow.

And a counter-example: eating snacks from a mini-bar when there were norestaurants (or room service options) open by the time the person got back tothe hotel room.

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HelpfulThingsforEstate-PaidProfessionalstodo:

Identify the time (and the value of the time) that you write off.Ask yourself: “If I didn’t already know the case inside and out, would thisdescription make sense to me?”When in doubt, ask in advance. Good fee examiners want professionals to beable to recover their reasonable fees.Spend meaningful time reviewing pre-bills and making necessary revisionsand/or write-offs in advance.Have the partner in charge of the engagement involved in resolution discussionswith the fee examiner.

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FeesforFees:Post-AsarcoCases

DiscussionTopics:

CaseIssues:CompensationforthedefenseofafeeapplicationinBankruptcyCode?HasAsarcoclosedthedoor?Arethereexceptions?Arethereworkarounds?

Pros/Consof“FeesforFees”

ThoughtsonInreHungryHorse(NewMexico,2017)

Othercases:Boomerang

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NALFABonusMaterial:NALFAAnalysis:PartnerBankruptcyRates

NALFAconductedasurveyofpartnerhourlyratesinbankruptcycases. NALFAexamineddozensofcourtfilingsinbankruptcycasesoverthepastcoupleyears. Thefollowingresultsofoursurveyaretheaverageofpartnerhourlyraterangesinmajorlegalmarkets:

2017:$1005-$8782016:$921-$8072015:$886-$783

Keyfindings: Notonlyhavepartnerratesincreasedeveryyear,butthevariance(i.e.therangeofrates)hasincreasedaswell.

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NALFABonusMaterial:Chapter11BankruptcyStats

Since2010,therehavebeenmorethat53,000Chapter11bankruptcyfilings.

u 765bylargecompanieswithassetsandliabilitieseachof$50Mormore.

u Themajority(61percent)oflargeChapter11casesareadjudicatedintwojurisdictions:theSouthernDistrictofNewYorkandtheDistrictofDelaware.

Source: GAO Report

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NALFABonusMaterial:FeeAwardFactors

The18AttorneyFeeAwardFactorsReasonable,PrevailingHourlyRates

ReasonablenessoftheNumberofHoursBilled

PercentageoftheFund:FeesinRelationtotheEconomicValueoftheSettlement/Judgment

SuccessfulResultsObtainedfortheNumberofClient(s)

RiskoftheLitigation:Non-Payment

RiskoftheLitigation:PreclusionofOtherCases

QualityoftheWorkandRepresentation

Experience,Reputation,andAbilityoftheAttorneys

NoveltyandDifficultyoftheLegalIssuesintheUnderlyingCase

EfficientLitigationManagementPractices:CaseStaffingandTaskAssignments

EconomicExposure:FeesinRelationtotheAmountatStakeintheUnderlyingCase

FeesinRelationtoSimilarCases

NatureoftheWorkingRelationshipwithOpposingCounsel

CustomaryTimekeepingBillingPractices

BillingJudgment

PublicPolicyConsiderations

NatureandLengthoftheAttorney-ClientRelationship

FeesinRelationtoFeesofOpposingCounsel

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NALFABonusMaterial:BillingPractices

TheBasics:ExerciseGoodBillingJudgment

InsufficientDetail/VagueTimeEntries

UndisclosedTimekeepers

Block-Billing

MinimumorFormulaTimeCharges

Rounding

UnusualNumberofLongDays

MultipleBillers/DuplicationofEffort

BillingTravelTime,ClericalWork&InvoicePreparation

InefficientStaffing/ImproperDelegation

ExcessiveReviews&Revisions

ExcessiveResearch

ExcessiveIntra-OfficeConferencing

ExcessiveAbstracting,SummarizingandIndexing

Non-ReimbursableActivities,RepeatEntries&TypographicalErrors

UnapprovedExpensesorOverhead

UnauthorizedRateIncreases

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NALFABonusMaterial:BestPracticesinLegalFeeAnalysis

Legalfeeanalysisisthecomprehensivereviewandanalysisofattorneyfeesandcostsbyanoutsidepartyinalegalmatter. Professionalswhoroutinelyperformoutsideorthird-partylegalfeeanalysisincludeattorneyfeeexperts,specialfeemasters,bankruptcyfeeexaminers,feedisputemediators,andlegalbillauditors.

Thefollowingbestpracticesmeasuresweredevelopedoverseveralyearswithinputandconsensusfromthoughtleadersfromacrossthelegalfeeanalysiscommunity. Thesebestpracticemeasurespromotevaluessuchasethics,independence,andprofessionaldevelopment. Thesepeerreviewdrivenstandardshelpstrengthenthelegalfeeanalysisfieldbyensuringintegrityintheprocessandreliabilityintheresults.

Allourmembers(i.e.fullyqualifiedattorneyfeeexperts,specialfeemasters,bankruptcyfeeexaminers,feedisputemediators,andlegalbillauditors)aresignatoriestoBestPracticesinLegalFeeAnalysis:

1. Adheretotheproperstandardofreasonableness.

2. Observeaconsistentandreliablemethodology.

3. Keepupdatedonthelatestjurisprudenceonreasonableattorneyfeesandexpenses.

4. Keepupdatedonthelatestscholarshiponreasonableattorneyfeesandexpenses(i.e.empiricalpapers,studies,surveys,andreports).

5. ParticipateinprofessionaldevelopmentandCLEprogramsonlitigationmanagement,attorneyfeesandlegalbillingtopics.

6. Donotadvertisefalseorintentionallymisleadinginformationorofferanyguaranteeofoutcome.

7. Donotchargeonacontingencybasis(i.e.basedontheresultsobtained).

8. Donotacceptacaseorclientwherethereisaninherentconflictofinterest.

9. Keepallfee,billing,andworkproductinformationinstrictconfidence.

10.Utilizetechnologywherepossible.

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NALFABonusMaterial:RecentNALFABankruptcyNewsBlogHeadlines

NALFAmanagesanationalnewsblogthatcoversattorneyfeeissuesfromacrosstheU.S.Wecoverattorneyfeeawards,attorneyfeerequests,attorneyfeedisputes,feescholarshipandfeejurisprudence,nationwide.Formoreonourblogvisithttp://www.thenalfa.org/blog/.Herearesomerecentblogheadlinesrelatedtoattorneyfeesinbankruptcy:

NALFAAnalysis:PartnerBankruptcyRates(October27,2017)

LawFirmResolvesFeeDisputeinSungevityChapter11Bankruptcy (October9,2017)

$925MinFeesforMadoff-RelatedMatter(September10,2017)

$32MMoreinFeesinMadoffBankruptcy(September4,2017)

CreditorQuestionsFeesinLaPalomaBankruptcy (August30,2017)

BigMonthlyLegalFeesinTakata Bankruptcy(August22,2017)

AttorneysNet$8.75MinBarclay’sForeignExchangeMisuseSettlement (July28,2017)

$15MinLegalFeesinArchdioceseBankruptcy(May24,2017)

NALFAPodcastwithBankruptcyFeeExaminerRobertM.Fishman(April17,2017)

NortelCreditorsChallenge$4MinFeesinChapter11Case(March20,2017)

NALFAQuotedinALM’sDailyBusinessReview(March1,2017)

CaesarsBankruptcyWindsDownwith$150MinLegalFeesandCounting(January13,2017)

FeeAnalysis:EnergyBankruptcyCases(January9,2017)

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NALFABonusMaterial:NALFARecognizesNation’sMostInfluential

AttorneyFeeScholarshipAttorneyfeescholarshipreferstoempiricalpapers,reportsandstudiesonattorneyfees.Thesemostlyacademicworkshavebeenheavilysitedbymembersofthebarintheirfeeapplicationsandmembersofthebenchintheirfeerulings.Indeed,attorneyfeescholarship drivesattorneyfeejurisprudence.NALFAwouldliketoformallyandofficiallyacknowledgetheseseminalworksonattorneyfees.Herearethenation’smostinfluentialscholarshiponattorneyfeesandexpenses.

u Theodore Eisenberg and Geoffrey P. Miller, “Attorney Fees and Expenses in Class Action Settlements: 1993-2008” (Journal of Empirical LegalStudies)

u Brian T. Fitzpatrick, “An Empirical Study of Class Action Settlements and Their Fee Awards” (Journal of Empirical Studies)

u Brian T. Fitzpatrick, “Do Class Action Lawyers Make Too Little?” (University of Pennsylvania Law Review)

u Lynn A. Baker, Michael A. Perino and Charles M. Silver, “Setting Attorneys’ Fees in Securities Class Actions: An Empirical Assessment”(Vanderbilt Law Review)

u Michael A. Perino, “Markets and Monitors: The Impact of Competition and Experience on Attorneys’ Fees in Securities Class Actions” (St.John’s University School of Law)

u Theodore Eisenberg and Geoffrey P. Miller, “What is a Reasonable Attorney Fee? An Empirical Study of Class Action Settlements” (CornellLaw Faculty Publications)

u Theodore Eisenberg, Geoffrey P. Miller and Michael A. Perino, “A New Look at the Judicial Impact: Attorneys’ Fees in Securities Class ActionsAfter Goldberg v. Integrated Resources, Inc.” (Washington University Journal of Law & Policy)

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EarnaCertificateinReasonableAttorneyFeesNALFAisthenation'sleadingCLEproviderofeventsandprogramsonattorneyfeeandlegalbillingtopics. Since2008,NALFAhashostedover20differenteventsandprogramsonattorneyfeeandlegalbillingmatters. HundredsofattorneysandotherprofessionalsfromacrosstheU.S.haveregisteredandparticipatedintheseprograms. Ourfacultyhasincludedsomeofthenation’stopattorneyfeeexperts,scholarsofattorneyfeejurisprudenceandsittingfederaljudges.

NALFAisnowofferingaCertificateinReasonableAttorneyFeesforregisteredguestsofmultipleprograms.Registeredguestsof4ormoreprogramswillearnaCertificateinReasonableAttorneyFees,thenation’sfirstandonlycertificationofitskind.Thiscertificateisopentoparalegalsandclaimprofessionals.

FormoreonNALFACLEandprofessionaldevelopmentprograms,visithttp://www.thenalfa.org/CLE-Programs/.

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Comments/Suggestions?

In order to improve our CLE programs on attorney fee and legalbilling topics, we welcome your comments and/or suggestions.

Please feel free to share your comments and/or suggestions onthis CLE program.

Please email comments and/or suggestions to NALFA ExecutiveDirector Terry Jesse at terry@thenalfa.org

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CLECreditHours

This is a multi-state CLE program. NALFA has sought 2.00CLE credit hours in CA, DE, FL, IL, PA & TX.We’ll be emailing Certificates of Attendance to allregistered guests soon. In the meantime, if you have anyquestion regarding CLE credit hours, contact Terry Jesseat terry@thenalfa.org or call us at (312) 907-7275.

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NALFAContact&SocialMediaInfoWebsite:www.thenalfa.org

FeeDisputeHotline:312.907.7275

FollowusonTwitter:@AttorneyFees

LinkedinGroup:https://www.linkedin.com/groups/1313787

PodcastsonSoundCloud:https://soundcloud.com/thenalfa

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ThankYou…andWelcometoNALFA!

Now that you’ve participated in one of our CLEprograms, welcome to the NALFA family!As a NALFA registered guest, you can now save$75.00 on ALL and ANY future NALFA programs!

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