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Not everyone is a winner
Imagine the number of lawyers preparing to file a lawsuit if the world’s richest man can walk away from the sale — and stand to make millions of dollars in the process.
More than 70 attorneys appeared in Delaware Chancery court to represent various parties in the case — about 30 for Twitter, most of them from Twitter.
“With all the lawyers in the case and the potential for other lawsuits to come out of this, such as financial settlements, I see the total legal fees reaching $1 billion,” he said.
Even without a trial, lawyers have already been paid to file numerous appeals against witnesses who may have been called to testify on either side.
“They should give Elon Musk some kind of award for the person who has done the most recent work to ensure the economic health of the legal profession,” Coffee said.
Since Musk has been involved in so many businesses, he has created some controversial issues among lawyers over the years.
In the Twitter battle, Musk’s Delaware-based attorneys from Skadden Arps and Twitter’s lead firm, Wachtell, are expected to hire so-called conflict advisors to send messages to groups in they chose in advance, according to court documents. On Musk’s behalf, the war counsel is the law firm Chipman Brown Cicero & Cole LLP. For Twitter the Delaware office of
The amount of fact-finding arguments before trial in a case like the Musk-Twitter showdown keeps law firms cash registers, said Chuck Durante, a partner at Wilmington’s.
“It is very difficult to calculate the amount of legal fees that will be spent by each side, but it is safe to say that it is a good number for all law firms involved in this case,” Durante said in the interview.
In litigation, legal fees for both sides have reached the low-to-mid eight figures, as partners can work 14 to 16 hour days on these cases , Peter Ladig, a Delaware attorney who handles Chancery Court cases.
Wachtell’s partners in the 2019 bankruptcy case were billed $1,100 to $1,500 an hour, while his partners were paid $650 to $900. Those numbers may have risen in recent years, but law firms don’t disclose hourly wages.
“That’s a lot of money for an hour of a lawyer’s time, but it’s a good time for some lawyers,” he said.
The previous bill for publicly announced services was the former Attorney General of the United States
The case is Twitter v. Musk, 22-0613, Delaware Chancery Court (Wilmington).
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Peter Blumberg
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