The clock is ticking on a lucrative piece of work for lawyers at Jones Day, Kirkland & Ellis and Proskauer Rose as the $18 billion bankruptcy of Caesars Entertainment Corp.’s operating arm approaches a possible end.
Combined with Winston & Strawn, whose work for a court-appointed examiner in the case is finished, those four Am Law 100 firms have already billed $150 million for their time through September, the latest available report in the U.S. bankruptcy court docket in Chicago. All told, Las Vegas-based Caesars has spent more than $354 million on restructuring professionals and law firms from January 2015 through November 2016. By law, the debtor also pays the legal bills for most of its creditors.
