Crypto industry bankruptcies bring in an estimated $751 million in revenue for law firms

BlockBeats news, August 30, according to Cointelegraph, 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. In some of 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.

The four companies received $484 million in revenue for handling cryptocurrency bankruptcy cases, accounting for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell Law Firm had the highest revenue of $215 million. The company served as debtor legal counsel for FTX. Kirkland & Ellis ranked second in fees, charging its clients $120 million. The firm serves as lead debtor counsel to companies including Voyager, BlockFi and Celsius.