Legal action over valuable leased aircraft stranded in Russia generating €1 million in brief fees – plus €6,000 a day – for top commercial lawyers
The costs of the cases before the Commercial Court could run to hundreds of millions of euro. Photograph: Chris Maddaloni/Collins
A small number of senior counsel are reputed to have commanded brief fees – agreed fees to take on the case – of up to €1 million. This does not cover the daily refresher fees of about €6,000.‘Brexit has been a disaster and they don’t want to talk about it’: Labour Party face awkward questions on the campaign trailBrief fees for most counsel are believed to range from about €300,000, with junior counsel receiving about two-thirds of the fees of their senior colleagues.
Fury among lawyers working in criminal cases over the Department of Justice’s failure to fully unwind recession era cuts to criminal legal aid fees was evident at a packed general meeting of barristers last Monday. This led to the Bar Council, the representative body for barristers, sanctioning a withdrawal of criminal law services by barristers over three days next month.
The world’s biggest aircraft lessor, Irish-based AerCap, run by chief executive Aengus Kelly, is pursuing its insurance claims through London’s High Court. Sources say the legal fees being paid to lawyers in the UK litigation are at least twice what their Irish counterparts are getting. The action involves six identical sets of proceedings over alleged refusals by various international insurers to indemnify the plaintiffs for the loss of planes. The lessors allege the EU sanctions imposed after Russia invaded Ukraine forced them to terminate lease agreements in Russia and they cannot retrieve their aircraft. The insurers deny the “all risks” or “war risks” policies are engaged or that payouts are due.
Insurance law is not for the faint-hearted and the case raises many complex issues concerning insurance cover. Twenty-three issues have been identified alone relating to the meaning of “possessed cover”. The Bank of England’s “inadvertent” sale of 13 of the gold bars to another party raised other issues not relevant to the aviation case, counsel said.
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