Bankruptcy Lawyers Prep for New Disclosure Requirements

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Bankruptcy lawyers will soon have to make an array of new disclosures on how they bill clients under guidelines finalized by the U.S. Department of Justice on Tuesday, the first overhaul of bankruptcy billing in 17 years.

Lawyers will have to justify any increases in their hourly rates and will be asked to provide rough budgets. Those were points of contention over the last year as the U.S. Trustee Program, the Justice Department's bankruptcy watchdog, rolled out early drafts of the proposal.

The move marks the first update to fee guidelines since 1996 as high legal costs in bankruptcy cases come under scrutiny from regulators and academics.

This Reuters Article features Bernstein Shur Attorney Robert Keach.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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