Blake Lively is not getting her enormous wish -- $8 million in attorneys' fees -- because a judge just ruled Justin Baldoni will only have to fork over $400K ... TMZ has learned.

As you know ... a judge dismissed Justin Baldoni's defamation lawsuit against Blake and the New York Times in June, but ruled she was entitled to attorneys' fees for defeating the claim.

Blake asked a judge to award her $8 million -- claiming Justin owed her $7,495,526.87 in fees she incurred in fighting his lawsuit and $539,514.01 in costs and expenses incurred while defending herself.

Justin called BS on the claim ... telling a judge she massively overinflated the dollar amount and he should have to pay a six-figure sum -- not seven.

The judge agreed, awarding Blake $363,245.40 in attorney's fees and another $44,206.35 in costs.

This seems to be the last bit of legal business between Blake and Justin still hanging after the two settled their lawsuit prior to what would have been a very messy trial scheduled to start in May.

No money changed hands in the settlement ... but Lively dropped the sexual harassment claims against Justin.

A joint statement was released after they reached a settlement, which reads, in part, "We acknowledge the process presented challenges and recognize concerns raised by Ms. Lively deserved to be heard. We remain firmly committed to workplaces free of improprieties and unproductive environments."