Ethics Panel: Current Issues in the Retention and Compensation of Bankruptcy Professionals
How will the Supreme Court’s decision in Baker Botts v. ASARCO affect professional fees? Will there be an increase in fee litigation in future chapter 11 cases? This panel also explores the Tribune standard for payment of unsecured creditors’ post-petition professionals’ fees, fees awarded as part of global settlements (Lehman), and the recent use of fee examiners. The session includes a discussion on when disclosure of “representations of parties in unrelated matters” is sufficient, whether conflicts be cured by the appointment of conflicts counsel, a recent Ninth Circuit decision on the potential implications of exceeding fee caps, when it is necessary to obtain a conflict waiver, current vs. recent vs. former clients, and directly adverse vs. positionally adverse.