Crypto industry bankruptcies bring in an estimated $751 million in revenue for law firms
As of August this year, law firms that have handled seven Chapter 11 bankruptcy cases involving cryptocurrencies since 2022 have requested and received a total of $751 million in fees. Among the law firms that earned the most fees in some of the largest cryptocurrency bankruptcy cases are Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four firms earned a total of $484 million for handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy procedures. Sullivan & Cromwell had the highest revenue, reaching $215 million. The company served as the legal advisor to the debtor of FTX. Kirkland & Ellis ranked second in fees charged, collecting $120 million from clients such as Voyager, BlockFi, and Celsius, among others.
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