Berkshire Hathaway Inc., under the leadership of billionaire Warren Buffett, has significantly increased its expenditure on legal fees to the esteemed law firm Munger, Tolles & Olson over the past year. The legal fees have almost doubled to a total of $21.2 million in comparison to the $12.5 million spent in 2023, according to Berkshire’s recent proxy filing.
This increase in fees comes amid ongoing considerations regarding the relationship between Berkshire and its long-standing external legal advisers. Notably, this development follows the departure of a significant 17-lawyer group from Munger Tolles that moved to Baker McKenzie last year. This team included 11 partners who had managed key transactions for Berkshire, such as its substantial $12 billion acquisition of Alleghany Corp.
Despite the departure, Munger Tolles has maintained its position handling Berkshire’s legal affairs, evident in the continued financial commitments from Buffett’s conglomerate to the firm. This relationship underscores the dynamic nature of legal retentions and the importance of established counsel ties within high-profile business environments.