Not The Pro Bono You're Looking For

Law360, New York (December 21, 2015, 10:45 AM EST) -- Section 327 of the Bankruptcy Code allows a debtor in possession or bankruptcy trustee to employ professionals, primarily lawyers, to help carry out their duties during the bankruptcy case. Neither the Bankruptcy Code nor the Bankruptcy Rules expressly say when a retention application must be filed. However, courts are clear, and indeed the point is rather obvious, that you have to be retained before you can be paid. As one court put it, "any [estate] professional not obtaining approval is simply considered a volunteer."[1]

You could argue that it is a testament to our profession — well, at least the bankruptcy...

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