- Top Earnings of Law Firms
- Four Highest-Earning Law Firms
- Bankruptcies Near Conclusion
Law firms working on seven major crypto bankruptcies since 2022 have reportedly requested and received fees totaling $751 million as of August. The most profitable firms include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb.
Top Earnings of Law Firms
The largest companies earned $484 million from crypto bankruptcies, which accounts for 64% of all fees requested and received from Chapter 11 proceedings.
Four Highest-Earning Law Firms
Law firm Sullivan & Cromwell netted the biggest gains, earning $215 million. The firm serves as debtors' counsel to bankrupt exchange FTX. Kirkland & Ellis billed the second-highest fees, earning $120 million primarily from cases involving Voyager, BlockFi, and Celsius. White & Case, which handled the Genesis and Celsius cases, earned about $75 million. Cleary Gottlieb billed nearly $73 million, making it fourth in the highest earnings for legal work in crypto bankruptcies.
Bankruptcies Near Conclusion
Ongoing cases include the infamous FTX bankruptcy case and the Terraform Labs case, tied to the collapse of its algorithmic stablecoin TerraUSD. FTX’s confirmation hearing is scheduled for October, marking the end of the long-running bankruptcy case. Terraform Labs’ reorganization hearing is slated for September 19. Meanwhile, Genesis completed its restructuring plan and paid out $4 billion to injured parties on August 2.
Crypto company bankruptcies led to significant losses for investors but brought considerable fees to the law firms handling these cases.
