Vernon Hill, the former CEO of Philadelphia-based Republic Bank, has accused law firm Holland & Knight of charging almost $7 million for unsatisfactory legal services over a 16-month period. An article published in The Legal Intelligencer on Dec 11, 2023 details the accusation.
In a complaint filed in Pennsylvania state court on Dec 8, Hill alleges Holland & Knight’s legal services were ineffective and included overstaffing, excessive billing, and duplicative billing charges throughout the clash for control with other board members of the bank.
The American corporate law firm finds itself accused of “gross overstaffing, top-heavy staffing, duplicative billing and excessive billing” resulting in the high charges. Hill served as the CEO of Republic First Bancorp from 2019 until he was ousted in 2022.
Vernon Hill is also known as a founder of Commerce Bank in the U.S. and Metro Bank in the U.K., and his clash with Holland & Knight represents a significant legal controversy in the corporate financial sector, raising questions about the transparency and ethics of legal billing practices within the industry.