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Thu, Jan 30, 2003

Make Money in Aviation: Bill UAL $100,000 a Day

Paul Merrion, in Crain's Chicago Business, says that, "Chicago's Kirkland & Ellis, the lead law firm handling the bankruptcy of United Airlines parent UAL Corp., billed almost $2.3 million in legal fees and expenses — or about $100,000 a day — during December, according to a U.S. Bankruptcy Court filing." About 1/5 of that, Merrion says, is billed in relation to the airline's numerous petitions to get the Court to break union contracts.

In the meantime, the airline is working on its unions to reduce costs. It announced over 700 flight attendant layoffs, in the past week; and its pilots, mechanics, dispatchers, ground and ticket agents -- everyone -- is feeling the pinch. Even management has been taking home less.

Lawyers, though, get paid, regardless (perhaps a perq of being the majority of most legislatures, where bankruptcy payouts are set; and they're nearly the entire "judge class," too, just in case a nickel somehow rolls through the cracks).

It's tough being a lawyer and not being appreciated, though. Crain's noted that, "...legal fees alone actually totaled more than $2,400,000, but [the firm] had voluntarily discounted its fees by $19,136..."

The most-expensive lawyer on the case billed $680 an hour, said the paper. Plus expenses, of course. You'll love this -- law firms don't believe in overhead: Crain's saw that "...it took 85 hours to prepare the billing report at a cost of $25,000 in fees and expenses."

The world's #2 airline isn't just sitting around, though, It's expected to announce a major restructuring, some time today.

FMI: www.ual.com

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