Lawyer Pay
David Boies’ excessive hourly charges pale compared to request by legal professionals suing Tesla
David Boies is the chairman and a managing companion at Boies Schiller Flexner. Picture by Kathy Anderson/ABA Journal.
Excessive-profile lawyer David Boies costs $2,110 per hour, placing him “in a still-rarified realm of attorneys who cost upwards of $2,000 an hour,” in keeping with Reuters.
Boies’ legislation agency, Boies Schiller Flexner, disclosed the billing rate in a charge request for illustration of sex-trafficking victims of deceased financier Jeffrey Epstein. A $75 million settlement within the case won preliminary approval in June. The defendant is Deutsche Financial institution, which was accused of facilitating Epstein’s wrongdoing.
Attorneys for the plaintiffs are in search of 30% of the settlement. The quantity sought is 2.2 instances the quantity that Boies Schiller and different legal professionals within the case would have earned based mostly on their billing charges and time spent, in keeping with a Sept. 15 court document supporting the charge request.
Different legal professionals with $2,000-plus billing charges embrace Neal K. Katyal of Hogan Lovells, who billed $2,465 per hour final yr, and prime legal professionals at Covington & Burling, who had been making $2,500 per hour final yr, in keeping with Reuters.
These hourly billing charges are properly beneath the quantity sought by legal professionals in a shareholders’ by-product lawsuit accusing Tesla administrators of overpaying themselves. The go well with received the return of $735 million in compensation and an settlement to surrender one other potential $184 million, Reuters reviews in a separate article.
The legal professionals are in search of $229 million, which is 25% of the estimated $919 million settlement worth.
The requested charges quantity to $10,690 per hour, in keeping with Reuters. If the charge request is authorised, it could be one of many highest ever in a shareholders’ by-product go well with towards a board.
The companies that labored on the case are Bleichmar Fonti & Auld; Fields Kupka & Shukurov; McCarter & English; and Clark Hill.
