Baker Botts suffered a $7 million defeat in June, when the U.S. Supreme Court denied its bid to recoup litigation costs it incurred near the end of mining company Asarco LLC’s decade-long bankruptcy. While the high court decision hasn’t stopped Baker Botts from landing new bankruptcy work, a recent court filing shows that it has inspired an attempt to change the way the firm earns its fees.
The firm proposed the modified fee structure in an application to serve as lead debtors’ counsel for Oklahoma-based energy company New Gulf Resources LLC, which filed a Chapter 11 petition in Delaware on Dec. 17. The application details a conditional premium fee that would be triggered if a reorganized, post-bankruptcy New Gulf decides to challenge Baker Botts’ baseline rates. With the proposal, the firm appears to be aiming to cover its financial bases, while also respecting the Supreme Court’s June 15 ruling in Baker Botts v. Asarco.
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