Wednesday, September 18, 2013

When the Rich Get Poorer, Lawyers Get Richer

When somebody says, "It's not about the money," it usually turns out to be about the money.

Could the reverse also be true?

Ronald Perelman's legal battle with his former in-laws certainly seems to be about the money. Perelman believes his former father-in-law reneged on a promise to leave half the family media business to Perelman's former wife. She died in 2007. Perelman is executor of her will, and the will's main beneficiary is his daughter Samantha.

But so far, the battle has consumed millions. The former in-laws claim Perelman has burned through $20 million in litigation costs. By one estimate, the two sides have together enriched lawyers by $60 million.

The figure should keep on growing as the two sides contend in a New Jersey court this week.

1 comment:

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