Additional Financial Services Features
eAlert: Fee Guidelines for Attorneys in Larger Chapter 11 Cases
The Office of the United States Trustee (the "UST") has issued new guidelines for attorney compensation in larger chapter 11 cases. The new guidelines apply to larger cases filed on or after November 1, 2013.
A larger chapter 11 case is defined as a chapter 11 case with $50 million or more in assets and $50 million or more in liabilities, aggregated for jointly administered cases and excluding single asset real estate cases.
The guidelines are intended to "enhance disclosure and transparency in the compensation process and to help ensure that attorneys' fees and expenses are based on market rates." The guidelines also address disclosure of certain information in applications for retention filed under sections 327 and 1103 of the Bankruptcy Code.