Lawyers rake in a fortune
13 April 2012
TODAY'S Court of Appeal verdict is good news for solicitors Herbert Smith, who so far have pocketed an estimated £7m from Equitable in handling its claim against Ernst & Young and court battle against its former directors.
Equitable puts the amount it spent on legal fees last year at £5.1m. This is likely to rocket as leading counsel Iain Milligan QC and Robert Miles QC polish up their arguments ahead of the trials in autumn next year.
Lovells has also served Equitable during its fall from grace and two years ago took part of the £37.1m spent by the insurer on drawing up its compromise scheme for 90,000 holders of guaranteed annuities.
