Fees and expenses submitted from law firms now account for nearly US$1.2b, representing some 11 per cent of what was available for distribution to former workers and creditors in 2011. No allegations are being made that any wrong-doing has taken place by the professionals involved - but the Canadian bankruptcy monitor Ernst & Young has said it is ‘concerned about the significant costs’.
Lowest level possible
The law firms have defended their billing. Torys, for instance, says it has used the ‘lowest-hourly-rate professional appropriate’ on the work it has done. Source: The Toronto Star
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