When Lehman Brothers failed almost five years ago, it set off a global financial crisis – and a bonanza $3bn payday for lawyers and accountants.

The latest estimate of administrator fees paid by Lehman’s estates in the US and the UK highlights the enormous task of picking up the pieces following the collapse of what was the fourth biggest investment bank on Wall Street.

In New York, the estate of Lehman Brothers Holdings Inc has paid more than $2bn in legal fees and other expenses, including payments to counsel Weil, Gotshal & Manges and restructuring specialist Alvarez & Marsal, according to court filings. As of March 15, Lehman’s London-based European arm, known as Lehman Brothers International Europe, had paid ￡650m ($1bn) in fees, or about 2.3 per cent of what it plans to return to creditors, according to lead administrator PwC.