"The Legacy of Bernie Madoff: Lawyers Continue to Thrive"
Lawyers are still dealing with the aftermath of Bernie Madoff's massive Ponzi scheme, 15 years after his arrest and two years after his death. Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's firm, has recovered over $14.6 billion for victims so far, with an estimated total cost of $17.5 billion. Picard and his law firm, Baker & Hostetler, have been awarded over $1.5 billion in fees, accounting for nearly 17% of the firm's revenues. The fees are paid by the Securities Investor Protection Corporation and not from recoveries. Picard is still pursuing about 100 recovery lawsuits.
