Crypto industry bankruptcy brings law firms around $751 million

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.