Crypto industry bankruptcy brings law firms around $751 million
2024-08-30 11:22:27
As of this year processing 2022 seven cases since United States bankruptcy lawdesk3cryptocurrencydesktopCrypto News
As of August of this year, law firms handling seven Chapter 11 cryptocurrency bankruptcies since 2022 have requested and received fees totaling $751 million. Among the firms earning the most fees in some of the crypto industry's largest bankruptcies are Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. The four firms earned $484 million for handling cryptocurrency bankruptcies. This accounted for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell Law Firm earned the highest revenue at $215 million. The firm acted as debtor counsel for FTX. Kirkland & Ellis was the second-highest fee, charging $120 million to its clients. The firm was the primary debtor counsel for companies such as Voyager, BlockFi and Celsius.
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