An Irish law firm, Eugene F Collins solicitor, has been hired to work on the liquidation of Bernard Madoff's financial empire, with its partners set to earn €450 an hour for their work on the case, according to US filings.

The US trustee for the liquidation of Bernard L Madoff Investment Securities has hired the Dublin law firm as a special counsel as there are three High Court actions in Ireland pending.

Several parties claim monies they are owed arising from the Madoff scandal are held by Irish-registered companies.

The trustee, Irving H Picard, is retaining the Dublin firm because of its knowledge, expertise and experience of liquidations proceedings in Ireland, according to the US filings. These filings also shine a rare light on legal fees as charged by Dublin law firms.

The filings say Eugene F Collins will be compensated at its "normal hourly rates, less a 10% discount''. The firm will be able to file for compensation at the bankruptcy court of the southern district of NewYork.

The rates quoted for the firm were €450 for a partner, €315 for an associate and €100 for a junior.

Bernard Madoff was a Wall Street market maker who is now being accused of perpetrating a giant ponzi scheme on investors in the US and around the world.

A market maker is a stockbroking firm that accepts the risk of holding securities in order to facilitate trading.

The SEC has charged Madoff with securities fraud and the estimated losses from his activities are believed to total $50bn.