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Four prominent law firms collectively garnered $484 million from their involvement in seven Chapter 11 crypto bankruptcies that occurred in 2022, representing 64% of the total fees requested and received in these high-profile cases.
The total fees for the seven Chapter 11 crypto bankruptcies amount to $751 million. The firms securing the largest portions of these fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb.
Sullivan & Cromwell has secured the largest share, with $215 million in fees. This firm has been serving as the debtor’s counsel for the bankrupt {Cryptocurrency} exchange FTX. The firm charged over $10 million per month until February, when the monthly fee was reduced to $7 million.
Kirkland & Ellis, known for its work as lead debtor’s counsel for Voyager, BlockFi, and Celsius, has accumulated $120 million in fees. A significant portion of this total is attributed to its representation of Celsius, where the firm earned more than $75 million.
White & Case, which handled the Genesis and Celsius cases, received approximately $75 million. This firm worked on behalf of Celsius creditors and contributed to the investigation of former Celsius CEO Alex Mashinsky. Additionally, White & Case represented the unsecured creditors committee in the Genesis case.
Cleary Gottlieb earned nearly $73 million, ranking fourth in terms of fees for legal work in these crypto bankruptcies. The firm served as lead counsel for Genesis in its bankruptcy proceedings, generating a consistent $2.5 million per month.
Several major bankruptcy cases are approaching conclusion. FTX’s confirmation hearing is slated for October, signaling the nearing end of its prolonged bankruptcy process. Terraform Labs’ reorganization hearing, linked to the collapse of its algorithmic stablecoin TerraUSD, is scheduled for September 19.
