Jones Day agrees to cut nearly$18 million from legal bills to Detroit
Jones Day, the law firm hired by Detroit as lead counsel in the city's historic bankruptcy case, has agreed to decrease its legal bills to the city by nearly $18 million, a newly filed court document revealed.
According to the document filed in the court on Friday, the Jones Day law firm agreed to slash $17.7 million from its legal bills to Detroit, leaving the city with a collective bill of $57.9 million.
The law firm's massive bills include $2.7 million in expenses for things like lawyers' hotel stays and meals in the city. Jones Day's bills to the city are the heaviest among those from the city's dozens of bankruptcy consultants that altogether charged the city nearly $170 million.
Like all other law firms, Jones Day claimed that its bills to the Motor City were reasonable.
In the filing, Jones Day said, "This was the most rigorous and transparent fee process ever utilized in a Chapter 9 case and should be given due and appropriate consideration by the court. Jones Day has reduced its invoices by almost one-quarter of all fees and expenses incurred during the Chapter 9 case."
The disclosure of Jones Day's bills to the city on Friday was one of many court filings from the consultants explaining their fees to bankruptcy judge Steven Rhodes, who would decide whether the fees are fair or not.
With the assistance of legal consultants like Jones Day, the Motor City managed to put an end to its municipal bankruptcy case in December last year. The deal will allow the city to slash $7 billion in liabilities and reinvest nearly $1.7 billion over the next ten years in services.
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