UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

------------------------------------------------------------------------- x 

 : 

In re: : 

 : 

THE FINANCIAL OVERSIGHT AND : PROMESA 

MANAGEMENT BOARD FOR PUERTO RICO, : Title III 

 : 

 as representative of : Case No. 17-BK-3283 (LTS) 

 : 

THE COMMONWEALTH OF PUERTO RICO et al., : (Jointly Administered) 

 : 

Debtors.1 : 

------------------------------------------------------------------------- x 

NOTICE OF PAUL HASTINGS LLP, COUNSEL TO OFFICIAL COMMITTEE OF 

UNSECURED CREDITORS, OF RATE ADJUSTMENTS 

EFFECTIVE FEBRUARY 1, 2023 

Paul Hastings LLP (“Paul Hastings”), counsel to the Official Committee of Unsecured 

Creditors (the “Committee”),2 hereby submits this notice in accordance with the Court’s Order 

Imposing Additional Presumptive Standards: Rate Increases and the Retention of Expert 

Witnesses or Other Sub-Retained Professionals [Docket No. 7678] (“Additional Presumptive 

Standards Order”), and respectfully states as follows: 

1. As of February 1, 2023, the hourly rates of Paul Hastings professionals working 

on matters in this Title III case will be adjusted to reflect firm-wide annual rate adjustments 

 

1

 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four 

(4) digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto 

Rico (Bankruptcy Case No. 17-BK-3283- LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico 

Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of 

Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case 

No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566-LTS) (Last 

Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case 

No. 17- BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings 

Authority (“PBA”) (Bankruptcy Case No. 19-BK-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title 

III case numbers are listed as Bankruptcy Case numbers due to software limitations). 

2

 The Committee is the official committee of unsecured creditors for all Title III Debtors, other than PBA and 

COFINA. 

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and/or advancements in individual professionals’ seniority, as detailed in the certification of Luc 

A. Despins, attached hereto as Exhibit A. 

WHEREFORE, Paul Hastings respectfully requests that the Court take notice of the 

foregoing. 

Dated: January 12, 2023 

 

By: /s/ Luc A. Despins 

PAUL HASTINGS LLP

Luc A. Despins, Esq. (Pro Hac Vice) 

G. Alexander Bongartz, Esq. (Pro Hac Vice) 

200 Park Avenue 

New York, New York 10166 

Telephone: (212) 318-6000 

lucdespins@paulhastings.com 

alexbongartz@paulhastings.com 

Counsel to the Official Committee of Unsecured 

Creditors

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EXHIBIT A 

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UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

------------------------------------------------------------------------- x 

 : 

In re: : 

 : 

THE FINANCIAL OVERSIGHT AND : PROMESA 

MANAGEMENT BOARD FOR PUERTO RICO, : Title III 

 : 

 as representative of : Case No. 17-BK-3283 (LTS) 

 : 

THE COMMONWEALTH OF PUERTO RICO et al., : (Jointly Administered) 

 : 

Debtors.1 : 

------------------------------------------------------------------------- x 

CERTIFICATION OF LUC A. DESPINS IN SUPPORT OF NOTICE OF PAUL 

HASTINGS LLP, COUNSEL TO OFFICIAL COMMITTEE OF UNSECURED 

CREDITORS, OF RATE ADJUSTMENTS EFFECTIVE FEBRUARY 1, 2023 

I, Luc A. Despins, hereby certify the following: 

1. I am an attorney admitted and in good standing to practice in the State of New 

York. I am a partner with the law firm of Paul Hastings LLP (“Paul Hastings”), located at, 

among other offices worldwide, 200 Park Avenue, New York, New York 10166. 

2. I am authorized to submit this certification in support of the Notice of Paul 

Hastings LLP, Counsel to the Official Committee of Unsecured Creditors, of Rate Adjustments 

Effective February 1, 2023 (the “Notice”), filed contemporaneously herewith. Except as 

otherwise noted, I have personal knowledge of the matters set forth herein. 

 

1

 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four 

(4) digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto 

Rico (Bankruptcy Case No. 17-BK-3283- LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico 

Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of 

Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case 

No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566-LTS) (Last 

Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case 

No. 17- BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings 

Authority (“PBA”) (Bankruptcy Case No. 19-BK-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title 

III case numbers are listed as Bankruptcy Case numbers due to software limitations). 

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3. Paul Hastings’ retention order [Docket No. 999] specifically authorizes Paul 

Hastings to charge its regular hourly rates in effect from time to time, as such rates may be 

increased periodically. 

4. In accordance with the Order Imposing Additional Presumptive Standards: Rate 

Increases and the Retention of Expert Witnesses or Other Sub-Retained Professionals [Docket 

No. 7678] (“Additional Presumptive Standards Order”), the Committee has authorized the 

following rate adjustments, both with respect to the February 1, 2023 effective date and on a 

timekeeper-by-timekeeper basis:2

Timekeeper Name Position 

(in 2023) 

2022 Rate3 2023 Rate3 

Despins, Luc A.4 Partner $1,360.00 $1,460.00 

Jimenez, Pedro Partner $1,280.00 $1,400.00 

Bongartz, Alex Counsel $1,180.00 $1,300.00 

Kahn, Marguerite Counsel $1,024.00 $1,100.00 

Sepinuck, Stephen Counsel $1,040.00 $1,120.00 

Catalano, Kristin Associate $596.00 $732.00 

Maza, Shlomo Associate $720.00 $900.00 

Sutton, Ezra Associate $648.00 $812.00 

Magzamen, Michael Paraprofessional $412.00 $444.00 

 

2

 The chart sets forth the 2022 and 2023 hourly rates for timekeepers who billed more than 5 hours in the most 

recent fee period and who are expected to continue to work on the Title III cases. The hourly rates of 

timekeepers not specifically listed are changing in line with these rates. The hourly rates of non-attorney 

timekeepers (paralegals, librarians, project specialists, etc.) will generally increase by $15.00 to $32.00 per hour 

(net of the 20% end-of-case reduction). 

3

 For illustrative purposes, the rates in this chart have been adjusted, on a pro forma basis, to reflect Paul 

Hastings’ agreement to reduce its total fees by an amount equal to 20% of the total fees sought to be paid in 

connection with our final fee application. Nothing herein alters Paul Hastings’ agreement to reduce its total fees 

by an amount equal to 20% of the total fees sought to be paid in connection with our final fee application, with 

the precise fees to be waived to attain the 20% reduction to be designated by Paul Hastings (in its sole 

discretion) in connection with the final fee application process. 

4

 As a courtesy to the Committee and the Debtors, Paul Hastings previously agreed that, in the Puerto Rico 

matter, the hourly rate of Luc Despins would be his standard rate for the immediately preceding year (i.e., for 

the year 2022, his hourly rate was his 2021 standard rate and, for the year 2021, his hourly rate was his 2020 

standard rate, etc.). For the year 2023, Paul Hastings has agreed to continue this practice, so that the hourly rate 

of Mr. Despins for the Puerto Rico matter is his 2022 standard rate. (Absent the foregoing concession, Mr. 

Despins’ 2023 rate would be $1,600, after taking into account the 20% end-of-case reduction.) 

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5. Paul Hastings’ rate schedule for associates in New York (by class year) is as 

follows: 

2022 Rate5 2023 Rate5

Entering $580.00 $640.00 

1st Year $596.00 $684.00 

2nd Year $648.00 $732.00 

3rd Year $720.00 $812.00 

4th Year $800.00 $900.00 

5th Year $872.00 $940.00 

6th Year $904.00 $988.00 

7th Year $936.00 $1,016.00 

8th Year $956.00 $1,032.00 

9th Year $960.00 $1,056.00 

6. On an annual basis, Paul Hastings evaluates the hourly rates charged by its billing 

professionals to determine whether those rates should be increased based on a timekeepers’ 

developing skills and experience, and consistent with changes in market hourly rates. In making 

this evaluation, Paul Hasting obtains third party consultant information to assist it in determining 

an appropriate rate schedule for its billing professionals. 

7. The 2023 rates charged by the billing professionals working on these Title III 

cases were set through this process, and are consistent, both in amount and timing, with rates for 

Paul Hastings timekeepers not working on these Title III cases. 

I certify under penalty of perjury that the foregoing is true and correct to the best of my 

knowledge, information and belief formed after reasonable inquiry. 

Dated: January 12, 2023 

 /s/ Luc A. Despins 

 Luc A. Despins 

 

 

5

 For illustrative purposes, the rates have been adjusted, on a pro forma basis, to reflect Paul Hastings’ agreement 

to reduce its total fees by an amount equal to 20% of the total fees sought to be paid in connection with our final 

fee application. 

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