Data: Bankruptcy cases in the cryptocurrency industry bring over $700 million in revenue to law firms

2024-08-30 19:22:07

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ChainCatcher news indicates that as of August this year, law firms handling seven cryptocurrency bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code since 2022 have requested and received a total of $751 million in fees. Among the largest bankruptcy cases in the crypto industry, the law firms that earned the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four firms generated $484 million in revenue from handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell is the highest-earning firm, with $215 million in revenue. The firm serves as the legal advisor to the debtors of FTX. Kirkland & Ellis ranks second in fees, charging its clients $120 million. The firm is a primary legal advisor to debtors such as Voyager, BlockFi, and Celsius.

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