Compensation of Professionals on a Fixed or Contingent Basis
Except for real estate agents, brokers, and auctioneers employed on a stated commission basis standard in the industry for the type of property involved, or as otherwise ordered by the court, all professional fees will be subject to review for reasonableness pursuant to Bankruptcy Code § 330(a)(3) unless both the application and order for employment state, expressly and conspicuously, and preferably in the caption and the body of the document, that the fees are to be calculated, in whole or in part, on a fixed or percentage fee basis, subject to the court’s right under Bankruptcy Code § 328(a) to adjust such fees if the terms and conditions of employment prove to have been improvident in light of developments that could not have been anticipated at the time that they were approved by the court.
Committee Notes 2007: This Rule is derived from former General Order 85.
Back to Local Rules list | < Prev. Rule | Next Rule >