As the FT has noted this morning:
When Lehman Brothers failed almost five years ago, it set off a global financial crisis — and a bonanza $3bn payday for lawyers and accountants.
As of March 15, Lehman's London-based European arm, known as Lehman Brothers International Europe, had paid £650m ($1bn) in fees, or about 2.3 per cent of what it plans to return to creditors, according to lead administrator PwC.
Good times and bad times, it's an each way bet for PWC.
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Richard,
It seems that PWC aren’t just doing well when it comes to insolvency work. ITV News recently reported that they’re also involved in selling a service to NHS trusts which (allegedly) may be a tax avoidance scheme:
http://www.itv.com/news/2013-09-05/the-treasury-warns-hospital-trusts-over-nhs-tax-avoidance
Danny Alexander, the Lib Dem’s treasury minister, has now come out against the type of artificial employment contracts for locum staff that this scheme involves. It’ll be interesting to see what (if any) action the government takes against PWC and NHS trusts that have signed up for it.