October 21, 2006
What Sentence Will $70 Million In Legal Fees Buy Jeff Skilling?
According to the Oct 30, 2006 issue of BusinessWeek, CEOs make an average annual salary of $10.5 million, or 369 times the annual salary of the average worker at $28,310.
That’s about what Former Enron CEO Jeff Skilling is paying his lawyer, David Petrocelli, for legal fees over the last 5 years. According to BusinessWeek, Skilling put $23 million in a trust for legal fees. Petrocelli then got an additional $17 million from insurers for liability coverage. And Petrocelli’s law firm, O’Melveny & Myers, is billing an additional $30 million for the rest of the team of 12 lawyers, 5 paralegals, and at least a dozen temporary staffers. (Read the article)
