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Expert Analysis

New 5th Circ. Bankruptcy Fee Rule Benefits Attys, Advisers

Law360, New York ( April 17, 2015, 11:35 AM EDT) -- The Fifth Circuit Court of Appeals recently issued a decision[1] that overrules prior Fifth Circuit precedent and adopts a broader and more permissive standard for approval of professional fees under Section 330 of the Bankruptcy Code.[2] The new, prospective "reasonably likely to benefit the estate standard"[3] brings the Fifth Circuit in line with the Second, Third and Ninth Circuits. Although B&N v. Texas Skyline involved a relatively modest amount of attorneys' fees, the prospective standard adopted by the Fifth Circuit could benefit financial advisers as well in cases pending in that circuit....

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